P03HB21M0226_Ranjini KL (1)

A STUDY ON CUSTOMER BUYING BEHAVIOUR AT ICICI
BANK PVT LTD
Dissertation Report submitted in partial fulfilment of the requirements

for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION

of
BANGALORE UNIVERSITY
By
NAME: RANJINI K L
Reg. No. P03HB21M0226
Under the guidance of
Dr. VIJAYAKUMAR THOTA
Associate Professor
NSB ACADEMY
Bangalore University
2021- 2023
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Affiliated to
Bangalore University
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Ministry of HRD
NSB Business
I School
Government of India ACADEMY
Certificate of Completion & Originality
This is to certify that Ms. RANJINI KL bearing Reg No. P03HB21M0226 pursuing Master
of Business Administration in NSB Academy has completed his/her Dissertation during
4th semester MBA and has submitted a report titled A STUDY ON CUSTOMER BUYING
BEHAVIOUR AT ICICI BANK PVT LTD in partial fulfilment of the requirements for the
award of the degree Master of Business Administration.
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worked in our company for her Dissertation Report entitled "A Study on
Consumer Buying Behaviour at ICICI BANK PVT Ltd" in partial
fulfilment of the requirements for the Dissertation Project of MBA, as
per the Bangalore University, for the period of 45 days from August 15th
2023 to September 30th 2023.
We certify that this is the original work undertaken by the above

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Regd. Office : ICICI Bank Tower, Near Chakli Circle.

ICICI Bank Limited
832(803), 3rd Stage, BEML Old Padra Road, Vadodara 390 007,
Layout, R R Nagar, India.
Bangalore - 560 098, Website www.iciclbank.com Corp. Office : ICICI Bank Towers, Bandra-Kurla
Karnataka, India. CIN :L65190GJ1994PLC021012 Complex, Mumbai 400051, India.
DECLARATION BY THE STUDENT
I hereby declare that “A Study on Customer Buying Behaviour at ICICI BANK

Pvt Ltd” is the result of the Dissertation work carried out by me under the guidance
of Dr. VIJAYAKUMAR THOTA in partial fulfilment for the award of Master’s
Degree in Business Administration by Bangalore University.
I also declare that this project is the outcome of my own efforts and that it has not
been submitted to any other university or Institute for the award of any other degree
or Diploma or Certificate.
PLACE: BANGALORE NAME: RANJINI K L
DATE: REGISTER NUMBER: P03HB21M0226
iv
ACKNOWLEDGEMENT
I pay my obeisance to GOD, to have bestowed upon me good health, courage,

inspiration, zeal and the light of knowledge. I would like to acknowledge my
gratefulness to all the individuals who assisted me in various ways in completion of
this research work and I would also like to express my special gratitude to the
president Dr S R SRIDHARAMURTHY, NSB ACADEMY, Bangalore, for
providing me with facilities to take up my project work. I express my sincere gratitude
to Dr SRINIDHI K PARTHASARATHI, Director, NSB ACADEMY, Bangalore
for their valuable advice and co-operation for carrying out the project. I owe my deep
gratitude to my faculty and internal project guide Dr. VIJAYAKUMAR THOTA,
Associate Professor, NSB Academy department of management studies for his
guidance till the completion of the project. I am thankful and fortunate enough to get
constant encouragement, support and guidance from all MBA faculties who helped
me in completion of the project successfully.
PLACE: BANGALORE NAME: RANJINI K L
DATE: REGISTER NUMBER: P03HB21M0226
v
TABLE OF CONTENTS
CHAPTER NO. PARTICULARS PAGE NO.

INTRODUCTION
01 1.1. THEORETICAL BACKGROUND OF THE 1- 26
STUDY
1.1.1 Operational Definitions of the Study
1.1.2 Contributions of the study to:
a. Business
b. Society
c. Academia
1.2. INDUSTRY BACKGROUND OF THE STUDY
1.2.1 Banking Industry
1.2.2 Consumer Buying Behaviour at Banks
1.2.3 Global, national, and regional perspectives
of sectoral growth of the Banking Sector
1.2.4 Role of the Banking sector in the support
and growth of allied industries
1.2.5 Contribution of Banks to the GDP of the
country and to the economy in India
1.2.6 Major Global Players in the Banking
Industry
1.2.7 Role of Central and State government as
regards as Banking Sector
1.2.8 Information about the production,
distribution, and consumption pattern of the
Banking Sector for the Study
1.2.9 Challenges and contemporary issues related
to the Banking Industry in terms of the
Indian economy
vi
1.2.10 Domestic players in the Banking Industry
1.2.11 Internal and external factors major
influencing the growth of Banks
COMPANY PROFILE
2.2 Company Profile
02 26-53
2.2 Vision, Mission and Objectives
2.3 Organizational Hierarchy of the Company
2.3.1 Executive Directors
2.3.2 Board of Directors
2.3.3 Board Committees
2.4 Product and Service Profile
2.5 Competitor Profile and Analysis
2.6 Milestones/ Achievements
2.7 Current Challenges
2.8 ICICI Group of Companies
RESEARCH DESIGN AND METHODOLOGY

03 3.1 Literature Review 54- 63
3.2 Statement of the Problem
3.3 Need of the Study
3.4 Scope of the Study
3.5 Research Questions
3.6 Hypothesis
3.7 Objective of the Study
3.8 Research Methodology
3.9 Data Collection
3.10 Sampling Design
3.10 Limitations of the Study
3.10.1 Sampling Plan
3.10.2 Sampling Method
3.10.3 Sampling Frame
vii
3.10.4 Sampling Unit
3.10.5 Sampling Size
3.10.6 Plan of Analysis
3.11 Limitations of the Study
04 DATA ANALYSIS AND INTERPRETATIONS 64-87
4.1 Data Analysis
SUMMARY OF FINDINGS,
RECOMMENDATIONS AND CONCLUSION
05 58-94
5.1 SUMMARY OF FINDINGS
5.2. RECOMMENDATIONS
5.3. CONCLUSION
BIBLIOGRAPHY 95-96
ANNEXURES 97-101
viii
LIST OF TABLES
TABLE NO. DESCRIPTION/PARTICULARS PAGE NO.

4.1.1 Gender Category of Respondents 66
4.1.2 Age Category of Respondents 67
4.1.3 Marital Status of Respondents 68
4.1.4 Designation of Respondents 69
4.1.5 Customer of ICICI Bank 70
4.1.6 Products or Service used by Customers 71
4.1.7 Factors influencing Consumers choice of Banking 72

Services at ICICI Bank
4.1.8 Info about Banking Products or Services before 73
Deciding
4.1.9 Banking Channels that you prefer for day-to-day 74
banking activities at ICICI Bank
4.1.10 Satisfaction Levels of Customers on the customer 75

service quality provided by ICICI Bank
4.1.11 Quality of customer service you have received at 76
ICICI Bank influenced your Loyalty
4.1.12 Fees, Charges and Interest Rates 77
4.1.13 Improvements from Digital Banking Services 78
4.1.14 Financial goals and life stage affect choice of 79
banking products
4.1.15 Satisfaction level of Respondents while using ICICI 80
Bank’s ATM services in terms of availability,
functionality and security
4.1.16 Extent at which marketing and promotional 81
campaigns influence customers banking decisions
4.1.17 Satisfaction level of customers using ICICI Bank 82
services
4.2.1 Chi Square Test 84
ix
LIST OF GRAPHS
TABLE NO. DESCRIPTION/PARTICULARS PAGE NO.

4.1.1 Gender Category of Respondents 66
4.1.2 Age Category of Respondents 67
4.1.3 Marital Status of Respondents 68
4.1.4 Designation of Respondents 69
4.1.5 Customer of ICICI Bank 70
4.1.6 Factors influencing Consumers choice of Banking 72
Services at ICICI Bank
4.1.7 Info about Banking Products or Services before 73

Deciding
4.1.8 Banking Channels that you prefer for day-to-day 74

banking activities at ICICI Bank
4.1.9 Satisfaction Levels of Customers on the customer 75

service quality provided by ICICI Bank
4.1.10 Quality of customer service you have received at 76
ICICI Bank influenced your Loyalty
4.1.11 Fees, Charges and Interest Rates 77
4.1.12 Improvements from Digital Banking Services 78
4.1.13 Financial goals and life stage affect choice of 79
banking products
4.1.14 Satisfaction level of Respondents while using ICICI 80
Bank’s ATM services in terms of availability,
functionality and security
4.1.15 Extent at which marketing and promotional 81
4.1.16 Satisfaction level of customers using ICICI Bank 82
services
x
EXECUTIVE SUMMARY
The study on "Customer buying behaviour at ICICI Bank Pvt Ltd" was
conducted to gain insights into customers buying behaviour for services
offered by ICICI Bank and to identify areas for improvement. In an era
of intense competition in the banking industry, understanding customer
perceptions is crucial for enhancing service quality and maintaining a
positive brand image.
This study delves into the multifaceted aspects of ICICI Bank, one of
India's prominent public sector banks. ICICI Bank has a rich history
dating back and has played a pivotal role in India's banking landscape.
The primary focus of this research is to assess ICICI Bank's banking
services, understand customer perceptions, and analyse its brand
positioning.
The research involved a comprehensive survey of ICICI Bank
customers, with a diverse sample representing various demographics
and banking preferences. Data was collected through structured
questionnaires, interviews, and online feedback forms.
This study highlights the importance of customer perception in the
banking industry. While many customers express satisfaction with
ICICI Bank's services, there are opportunities for enhancement,
particularly in digital services and customer support. ICICI Bank has
the potential to strengthen its brand positioning by addressing these
areas and leveraging its strengths. By taking proactive steps based on
these findings, ICICI Bank can further improve customer satisfaction
and loyalty in a highly competitive market.
ICICI Bank, with its rich history and expansive network, plays a crucial
role in India's banking sector. This study sheds light on the bank's
strengths, areas for improvement, and the critical link between banking
services and brand positioning. By addressing customer concerns and
leveraging its strengths, ICICI Bank can navigate the evolving banking
landscape successfully.
xi
A STUDY ON CUSTOMER BUYING BEHAVIOUR AT ICICI BANK PVT LTD
CHAPTER 1
INTRODUCTION
NSB ACADEMY, BANGALORE 1

1. INTRODUCTION
1.1. Theoretical background of the study:
This study on consumer buying behaviours at ICICI Bank is an exploration into the
intricate dynamics that influence how individuals choose and engage with banking
services provided by ICICI Bank, one of India's leading private sector banks.
Consumer buying behaviour, in this context, refers to the decision-making
processes and factors that guide customers when selecting and using financial
products and services offered by ICICI Bank. This study aims to delve into various
dimensions of consumer behaviour, including:
Motivations and Needs: Understanding the underlying motivations and financial

needs that drive individuals to choose ICICI Bank for services such as savings
accounts, loans, credit cards, investments, and more.
Information Sources: Examining the sources and channels through which

customers gather information about ICICI Bank's products and services, including
online research, recommendations, and advertising.
Perceived Value: Investigating how customers perceive the value proposition

offered by ICICI Bank, taking into consideration factors like interest rates, fees,
convenience, and the bank's reputation.
Trust and Customer Loyalty: Evaluating the level of trust and satisfaction
customers have with ICICI Bank and its impact on their loyalty, retention, and
likelihood to recommend the bank to others.
Digital Banking Adoption: Analysing the extent to which digital banking

channels, such as mobile apps and online platforms, influence customer behaviour
and preferences.
Customer Service Experience: Assessing the importance of quality customer

service, responsiveness, and problem resolution in shaping consumer decisions and
experiences.
Competitive Landscape: Considering how ICICI Bank compares to other banks

and financial institutions in the eyes of consumers and what factors contribute to its
competitive advantage.

By delving into these dimensions, this study seeks to provide valuable insights into
consumer preferences, behaviours, and decision-making processes within the
context of banking services offered by ICICI Bank. These findings can assist the
bank in tailoring its offerings and strategies to better meet the evolving needs and
expectations of its customers, ultimately enhancing customer satisfaction and
loyalty in an ever-competitive banking industry.
Some key theoretical foundations we could consider:
• Consumer Decision-Making Model
Consumer Decision Process: This model typically includes stages such as problem
recognition, information search, evaluation of alternatives, purchase decision, and
post-purchase evaluation. It provides a structured framework for understanding how
consumers make choices.
• Service Quality Theories
SERVQUAL Model: This model assesses service quality based on five

dimensions: tangibles, reliability, responsiveness, assurance, and empathy. It can be
applied to evaluate how service quality influences consumer behaviour at ICICI
Bank.
• Customer Relationship Management (CRM)
CRM theories emphasize the importance of building and maintaining long-term

relationships with customers. Understanding the factors that contribute to customer
loyalty and retention within the banking sector is crucial.
• Trust and Reputation Theories
Trust and reputation play a significant role in banking. Theories related to trust,
such as the Trust-Commitment theory or the Reputation-Trust-Relationship model,
can be relevant for examining consumer behaviours.
• Psychological and Behavioural Economics Theories
Behavioural economics theories like Prospect Theory or Loss Aversion can shed
light on how cognitive biases influence consumer decisions, including investment
choices and risk tolerance.

1.1.1 Operational Definitions of the Study
Consumer Buying Behaviour: For the purpose of this study, consumer buying
behaviour refers to the actions and decisions made by individuals or households
when selecting and purchasing financial products and services offered by ICICI
Bank. This encompasses the choice of banking products, such as savings accounts,
loans, credit cards, and investments, as well as the frequency and volume of
transactions.
ICICI Bank: ICICI Bank specifically refers to the financial institution

headquartered in India, known as ICICI Bank Limited, providing banking and
financial services, including but not limited to, savings and current accounts, fixed
deposits, home loans, personal loans, and credit cards, investment products, and
digital banking solutions, as well as its associated branches, ATMs, and online
platforms.
Consumer Segment: The study will categorize consumers into distinct segments
based on demographic factors such as age, income, education, and occupation, as
well as psychographic factors like lifestyle, values, and attitudes, to analyse how
these segments exhibit variations in their buying behaviour at ICICI Bank.
Buying Frequency: Buying frequency will be quantified as the number of

transactions or financial activities (e.g., deposits, withdrawals, bill payments)
conducted by consumers with ICICI Bank over a specific time period, such as a
month or a year.
Product Selection: Product selection will be operationalized as the choice of

specific financial products and services offered by ICICI Bank, including the type
of accounts opened (e.g., savings, current), types of loans availed (e.g., home loan,
personal loan), and the use of additional services like mobile banking, internet
banking, and credit cards.
Customer Satisfaction: In this study, customer satisfaction refers to the degree of

contentment and fulfilment experienced by consumers in their interactions with
ICICI Bank. It can be operationally defined through customer surveys, ratings, and
feedback, capturing aspects like service quality, responsiveness, and meeting of
expectations.

Customer Loyalty: Customer loyalty will be defined as the likelihood of

consumers to continue using ICICI Bank's services, their willingness to recommend
the bank to others, and their intention to expand their engagement with the bank's
offerings.
Purchase Decision: This relates to the choices made by consumers to engage in

transactions or acquire banking products and services from ICICI Bank. It includes
both new customer acquisitions and existing customer interactions, such as
upgrading services or making additional purchases.
Digital Banking Usage: Digital banking usage can be defined as the frequency and
extent to which consumers utilize ICICI Bank's online and mobile banking
platforms for transactions, account management, and other financial activities. This
can include metrics like the number of logins, online transaction frequency, and use
of specific digital banking features.
External Factors: External factors refer to macroeconomic and environmental

factors (e.g., economic conditions, regulatory changes, competitive landscape) that
may influence consumer buying behaviour at ICICI Bank.
1.1.2 Contributions of the study to:
a. Business
Strategic Insights: The study can provide ICICI Bank with valuable insights into
the preferences, needs, and decision-making processes of its customers. This
information can help the bank tailor its products, services, and marketing strategies
to better meet customer demands and improve customer satisfaction.
Product Development: By understanding consumer buying behaviour, the bank can

identify gaps in its product offerings and develop new financial products or services
that align with customer preferences.
Risk Management: Insights from the study can aid in risk assessment and
management. By understanding consumer behaviour patterns, the bank can better
anticipate and manage financial risks associated with lending and investment
activities.

Competitive Advantage: Utilizing the findings, ICICI Bank can gain a competitive
edge by offering superior customer experiences, which can lead to increased
customer retention and market share.
b. Society
Inclusion: The study can shed light on the barriers that might prevent certain
segments of society from accessing or using banking services. This knowledge can
assist ICICI Bank and policymakers in designing more inclusive financial products
and services to benefit underserved populations.
Consumer Education: Understanding consumer behaviour allows for the

development of targeted financial literacy programs, which can empower
individuals to make informed financial decisions, ultimately leading to financial
well-being.
Economic Growth: When banks like ICICI better align their services with consumer
needs, it can contribute to overall economic growth by promoting savings,
investment, and responsible borrowing.
c. Academia
Research: The study can serve as a valuable source of data and insights for academic
researchers in fields like marketing, finance, and consumer behaviour. It can
contribute to the body of knowledge in these areas and inspire further research.
Case Studies: Academics can use the study as a real-world case study to teach
students about consumer behaviour, marketing strategies, and the banking industry.
Collaboration: Collaboration between academia and industry, as demonstrated by

this study, can lead to a more holistic understanding of consumer behaviour and its
implications for businesses and society.
In summary, the study on consumer buying behaviour at ICICI Bank has far-
reaching implications, from improving business strategies and enhancing customer
experiences to contributing to broader societal goals and advancing academic
research in the field of consumer behaviours.

1.2. Industry Profile
1.2.1. Banking Industry
The banking industry in India is a dynamic and rapidly evolving sector that plays a
pivotal role in the country's economic growth. It consists of a mix of public sector
banks, private sector banks, foreign banks, and cooperative banks, offering a wide
range of financial services to individuals, businesses, and the government.
Modern banking in India has its roots in the mid-18th century with the establishment
of early banks like the Bank of Hindustan (1770) and the General Bank of India
(1786). However, many of these early banks faced challenges and liquidation. The
oldest surviving bank is the State Bank of India (SBI), which began as the Bank of
Calcutta in 1806, later becoming the Bank of Bengal in 1809.
Figure 1.2.1. Banking Industry
Source: https://www.indianmirror.com/indian-industries/2012/banking-
2012.html
In 1921, these three presidency banks merged to form the Imperial Bank of India,
which eventually became SBI in 1955. Prior to the establishment of the Reserve
Bank of India in 1935, these banks acted as quasi-central banks. In 1960, SBI gained
control of eight state-associated banks, with their merger completed in 2017. The
government also nationalized 14 major private banks in 1969 and six more in 1980.

The Indian banking sector is categorized into scheduled and non-scheduled banks,
including nationalized banks, foreign banks, and private sector banks.
Today, SBI is the largest bank in India following the merger of its associate banks.
Banking in India has evolved with a focus on expanding reach, addressing rural
banking challenges, and improving financial inclusion.
Historic texts mention concepts of usury and loan deeds in ancient and medieval
India, and during British colonial rule, several banks were established, including
the Union Bank of Calcutta and the Allahabad Bank, contributing to the
development of modern banking in the country.
The industry has witnessed significant reforms and liberalization over the years,
leading to increased competition, technological advancements, and improved
customer services. The Reserve Bank of India (RBI) serves as the central regulatory
authority, ensuring stability and integrity within the sector.
With a growing middle class, increasing financial inclusion initiatives, and a strong
focus on digital banking, the Indian banking industry continues to adapt to the
changing landscape of the global financial markets, making it a key driver of India's
economic development.
Figure 1.2.2. Structure of Banking Industry
Source: https://www.slideshare.net/benjaminweb/india-banking-finance-
industry

1.2.2. Consumer Buying behaviour at Banks:
Consumer buying behaviour at banks is influenced by a variety of factors, reflecting

a complex interplay of individual preferences, financial needs, and market
dynamics. When customers decide to engage with a bank, they typically go through
a decision-making process that involves several stages.
Initially, consumers identify a need, whether it is for basic banking services, loans,
investments, or specialized financial products. They then gather information, often
through online research, recommendations from peers, or interactions with bank
representatives.
Factors such as interest rates, fees, convenience, and the bank's reputation play a
significant role in their decision-making. Trust and customer service quality are also
crucial, as customers want to feel secure and valued.
Additionally, personal experiences and brand loyalty can influence repeat business
and referrals. In an increasingly digital age, the ease of online banking, mobile apps,
and digital payment solutions has further shaped consumer behaviour, emphasizing
the importance of seamless and secure digital experiences.
1.2.3. Global, national, and regional perspectives of sectoral growth

of the Banking Sector
Global Perspective:
Global Economic Conditions: The banking sector's growth is closely tied to the
global economic environment. Factors like global GDP growth, trade relations, and
monetary policies of major central banks (e.g., the U.S. Federal Reserve) impact
interest rates, exchange rates, and investment opportunities, which, in turn, affect
the banking sector's performance.
Global Financial Regulations: International banking regulations, such as Basel III

and Basel IV, set global standards for capital adequacy, risk management, and
liquidity. Compliance with these regulations can significantly influence banks'
operations, profitability, and expansion plans.

Globalization: The trend of globalization has led to increased cross-border trade and
investment, which drives the need for international banking services, including
trade finance, foreign exchange, and correspondent banking relationships. Global
banks with a strong international presence benefit from this trend.
Figure 1.2.3. Growth of Indian Banking Sector
Source: https://www.slideshare.net/AnilBeniwal4/overview-of-banking-
sector-growth-and-structure
National Perspective:
Economic Growth: A nation's economic growth rate is a primary driver of its

banking sector's expansion. A growing economy generally leads to increased
demand for banking services, including loans for businesses and individuals, as well
as investment opportunities.
Regulatory Environment: National banking regulations and policies play a critical

role in shaping the sector's growth. These regulations determine the ease of market
entry, capital requirements, permissible activities, and consumer protection, among
other aspects.
NSB ACADEMY, BANGALORE

10
Interest Rates: Central banks' policies regarding interest rates directly affect the
banking sector's profitability. Lower interest rates may encourage borrowing and
lending, while higher rates can impact lending and deposit activities.
Financial Inclusion Initiatives: National efforts to promote financial inclusion, such

as providing banking services to underserved populations, can lead to the expansion
of branch networks and the development of innovative banking solutions.
Regional Perspective:
Regional Economic Disparities: Economic disparities within a country or region

can impact the growth of the banking sector. Regions with robust industries and
investment opportunities tend to have more dynamic banking sectors than those
with weaker economies.
Infrastructure and Connectivity: The availability of physical and digital

infrastructure, as well as connectivity, can influence the growth of banking services.
Regions with well-developed infrastructure often attract more banking activity.
Cultural and Demographic Factors: Regional cultures and demographics, including

preferences for certain types of financial products and services, can shape the
banking sector's growth. For example, regions with a higher propensity for savings
may see more significant deposit growth.
Local Competition: The competitive landscape in a specific region can affect the
growth of the banking sector. High competition may lead to innovative services and
lower costs for consumers.
1.2.4. Role of Banking sector in the support and growth of allied

industries
The banking sector plays a pivotal role in supporting and fostering the growth of
various allied industries across different sectors of the economy.
Here are some key ways in which the banking sector contributes to the development
and expansion of these industries:
Capital Investment: Banking institutions provide businesses in allied industries

with access to capital through loans and credit facilities. This funding is essential

11
for infrastructure development, expansion, and modernization, allowing these

industries to grow and stay competitive.
Working Capital Financing: Banks extend working capital loans to allied

industries, ensuring they have the necessary funds to cover day-to-day operational
expenses, manage inventory, and meet short-term financial needs.
Trade Finance: Banking facilitates international trade by providing services such

as letters of credit, trade finance, and currency exchange. These services support
industries involved in import and export activities.
Technology Adoption: Banks offer financial products and services to help allied
industries invest in technology and innovation. This includes loans for purchasing
machinery, upgrading IT systems, and implementing automation, all of which
enhance efficiency and competitiveness.
Risk Management: The banking sector offers risk management tools like
insurance, derivatives, and hedging services to protect businesses in allied
industries from potential financial losses due to unforeseen events, commodity price
fluctuations, or currency risks.
Supply Chain Finance: Banks provide supply chain financing solutions that help
businesses in allied industries optimize their supply chains, manage vendor
relationships, and improve cash flow, leading to cost efficiencies and growth.
Mergers and Acquisitions: Banks play a crucial role in facilitating mergers,

acquisitions, and consolidation within allied industries. They provide advisory
services, arrange financing, and facilitate the transaction process.
Investment Banking: Investment banking services, offered by banks, support

allied industries in raising capital through IPOs (Initial Public Offerings) and
secondary offerings. This enables companies to access a broader pool of investors
and fuel expansion.
Infrastructure Financing: Banking institutions are major contributors to financing

large-scale infrastructure projects, which directly benefit industries such as
construction, engineering, and manufacturing. This infrastructure development
supports the growth of these allied sectors.

12
Government Banking: Banks assist government bodies in managing public

finances and providing funds for infrastructure development and public projects.
This support is crucial for the growth of industries linked to government contracts
and initiatives.
Agricultural Finance: Banks provide loans and financial products tailored to the
agricultural sector, supporting farmers and agribusinesses. These businesses are part
of the Agri-allied sector and contribute significantly to food production and
processing.
Real Estate and Construction: The banking sector offers housing loans and
construction finance, which are vital for the real estate and construction industries.
Access to affordable housing finance promotes homeownership and infrastructure
development.
Tourism and Hospitality: Banking institutions provide loans for hotel and tourism-
related businesses, facilitating growth in the tourism and hospitality sectors,
creating jobs, and boosting the local economy.
In essence, the banking sector acts as a financial backbone that fuels the growth and
sustainability of various allied industries. Through the provision of capital, financial
products, advisory services, and risk management solutions, banks support these
industries in expanding their operations, enhancing competitiveness, and
contributing to overall economic development.
1.2.5. Contribution of Banks to the GDP of the country and to

economy in India
Banks play a significant role in contributing to the GDP (Gross Domestic Product)
of India and the overall economy in various ways. Their contributions can be
categorized into several key areas:
Credit Provision: Banks are primary lenders in the economy, providing loans to
individuals, businesses, and government entities. This credit provision stimulates
economic activity by financing investments in infrastructure, manufacturing,
agriculture, housing, and small businesses. These investments, in turn, contribute to
economic growth and job creation.

13
Deposit Mobilization: Banks attract deposits from individuals and entities,

providing a safe place for people to store their money. These deposits are then used
by banks to extend credit, fund investments, and support economic activities. A
robust deposit base ensures the availability of funds for lending and investment.
Payment and Settlement Services: Banks facilitate the smooth flow of funds
through the economy by offering payment and settlement services. These services
include checking accounts, wire transfers, electronic funds transfers, and more.
Efficient payment systems reduce transaction costs and enhance economic
productivity.
Intermediation: Banks act as intermediaries between savers and borrowers,

channelling funds from surplus sectors of the economy to those in need of capital.
This intermediation helps allocate resources efficiently and supports economic
growth by matching savings with productive investments.
Foreign Exchange Transactions: Banks play a crucial role in foreign exchange

markets, facilitating international trade and investment. India's trade with other
countries heavily relies on banks for currency conversion, trade financing, and
foreign exchange risk management.
Financial Services: Banks offer a wide range of financial services, including

wealth management, insurance, mutual funds, and advisory services. These services
contribute to financial inclusion and help individuals and businesses manage their
finances effectively.
Infrastructure Financing: Banks often finance major infrastructure projects, such

as roads, bridges, airports, and power plants. These investments in infrastructure are
essential for economic development and competitiveness.
Government Banking: Banks provide banking services to the government,

including handling government revenues, payments, and managing public debt.
This supports efficient fiscal operations and contributes to overall economic
stability.
Job Creation: The banking sector itself is a significant employer, creating jobs
across various functions, from customer service and administration to financial
analysis and technology development.

14
Economic Stability: Banks play a role in maintaining economic stability by

managing monetary policy, controlling inflation, and ensuring the stability of the
financial system. A stable financial system is essential for sustained economic
growth.
1.2.6. Major global players in the Banking industry
JPMorgan Chase & Co.: JPMorgan is one of the largest and most influential
financial institutions in the world, offering a wide range of banking and financial
services, including investment banking, asset management, and retail banking.
Source: - https://1000logos.net/jpmorgan-logo/
Bank of America: Bank of America is a leading American bank with a strong

presence in the United States and a significant international footprint. It provides a
broad spectrum of financial services, including retail and commercial banking,
wealth management, and investment banking.
Source: - https://1000logos.net/bankofamerica-logo/
Citigroup: Citigroup is a global financial services conglomerate with operations in

more than 100 countries. It offers services such as retail banking, corporate and
investment banking, and wealth management.

15
Source: - https://1000logos.net/citigroup-logo/
Wells Fargo & Co.: Wells Fargo is a major American bank known for its retail and
commercial banking services, including mortgages, loans, and wealth management.
HSBC Holdings plc: HSBC is a British multinational bank with a strong

international presence, particularly in Asia and Europe. It offers a wide range of
banking and financial services, including retail banking, commercial banking, and
global banking and markets.
Source: - www.hsbclogo.com
Standard Chartered Bank: Standard Chartered is a British multinational bank

with a significant presence in emerging markets. It offers services in retail banking,
corporate banking, and trade finance.
Source: - https://logos-marques.com/standard-chartered-logo/
Mitsubishi UFJ Financial Group (MUFG): MUFG is one of Japan's largest

financial groups and has a significant global presence. It provides various banking
services, including retail banking, corporate banking, and investment banking.

16
Source: - https://logos-download.com/8535-mufg-mitsubishi-ufj-financial-
group-logo-download.html
Banco Santander: Banco Santander is a Spanish multinational bank with a global

presence, offering retail banking, corporate banking, and asset management
services.
Deutsche Bank: Deutsche Bank is a German multinational bank known for its
investment banking and global financial services.
Source: - https://logos-world.net/deutsche-bank-logo/
UBS Group AG: UBS is another Swiss-based bank with a strong international
presence, focusing on wealth management, investment banking, and asset
management.
Source: - https://dwglogo.com/ubs/
1.2.7. Role of Central and State government as regards as Banking

sector
Role of Central Government:
Monetary Policy: The central government, through the Reserve Bank of India
(RBI), formulates and implements monetary policy. The RBI sets interest rates,

17
manages money supply, and regulates credit flow in the economy to achieve
economic stability and growth.
Banking Regulation: The central government, in consultation with the RBI,

establishes and enforces banking regulations and policies. This includes setting
capital adequacy requirements, regulating interest rates on deposits and loans, and
ensuring compliance with international banking standards like Basel III.
Bank Licensing: The central government, through the RBI, issues licenses to new
banks and regulates mergers, acquisitions, and the expansion of existing banks. It
also has the authority to revoke licenses if banks fail to meet regulatory
requirements.
Financial Inclusion: The central government, in collaboration with the RBI and
other agencies, implements financial inclusion initiatives to ensure that banking
services reach underserved and remote areas. These initiatives include the Pradhan
Mantri Jan Dhan Yojana (PMJDY) and direct benefit transfer programs.
Fiscal Policy: The central government's fiscal policy decisions, such as taxation
and government spending, influence the banking sector's performance. Government
borrowing and debt management also impact the banking industry by affecting
liquidity and interest rates.
Bank Recapitalization: The central government provides capital support to public

sector banks through recapitalization programs. This ensures that these banks
maintain adequate capital levels to absorb losses and support lending activities.
Role of State Governments:
Agricultural and Rural Development: State governments play a critical role in

promoting agriculture and rural development, which are areas heavily reliant on
banking services. They may introduce schemes and policies to support farmers,
cooperatives, and rural businesses.
Cooperative Banks: State cooperative banks and district central cooperative banks
are under the regulatory purview of state governments. These banks primarily serve
the rural and agricultural sectors and are crucial for rural credit and cooperative
movements.

18
State-Level Banking Initiatives: Some states have introduced their own banking
initiatives to address specific regional needs. For example, state-sponsored credit
programs, agricultural loan waivers, and state-level financial inclusion programs
may be implemented.
Revenue Collection: State governments often collaborate with banks for revenue
collection, including taxes, fees, and fines. They maintain accounts with
commercial banks for these purposes.
Local Economic Development: State governments work to attract investments and

promote local economic development. Banks play a vital role in providing financial
services to industries and businesses operating within the state.
Regulation of Cooperative Societies: State governments oversee cooperative

societies, including cooperative credit societies and cooperative banks. They
regulate their operations and ensure compliance with state-level cooperative laws.
In summary, both the central and state governments in India have distinct roles in
the banking sector. While the central government focuses on overall monetary and
banking policy, regulation, and financial stability, state governments often
concentrate on regional development, rural credit, and the regulation of cooperative
banking institutions.
1.2.8. Information about the production, distribution, and

consumption pattern of the Banking sector for the study
Production:
Banking Services: Banks produce a wide range of financial services, including

deposit accounts (savings, current, fixed deposits), lending (personal loans,
mortgages, business loans), investment products (mutual funds, insurance,
securities), and payment services (debit and credit cards, digital wallets).
Technology and Infrastructure: Banks invest in technology and infrastructure to

produce digital banking platforms, ATMs, mobile apps, and online banking
services. These platforms facilitate customer interactions and transactions.
Regulatory Compliance: Banks must produce compliance with a myriad of

regulatory requirements, including capital adequacy, anti-money laundering (AML)

19
measures, customer due diligence (CDD), and Know Your Customer (KYC)
procedures.
Risk Management: Production includes risk management activities such as credit

risk assessment, market risk analysis, and fraud prevention. Banks produce reports
and assessments to manage these risks effectively.
Distribution:
Branch Network: Banks distribute their services through physical branch networks.
The distribution of branches varies from urban to rural areas, with a focus on
population centres.
ATMs: Automated Teller Machines (ATMs) are strategically distributed across

cities and towns, allowing customers to access cash and conduct basic banking
functions 24/7.
Online and Mobile Banking: Banks distribute their services digitally through online
banking platforms and mobile apps. These platforms provide convenient access to
services for urban and remote customers.
Agent Banking: In some regions, banks distribute their services through agents or
intermediaries, who act as banking points in areas with limited access to physical
branches.
Corporate and Business Banking Centres: Banks also distribute specialized services
to corporate and business clients through dedicated banking centres and relationship
managers.
Consumption:
Individuals: Consumers use banking services for a variety of purposes, including

savings, payments, loans, and investments. They consume these services by
opening bank accounts, using debit/credit cards, applying for loans, and investing
in financial products.
Businesses: Businesses of all sizes consume banking services for managing cash
flow, payroll processing, financing expansion, and conducting international trade.
They may also use specialized business banking services.

20
Government: Governments consume banking services for revenue collection,

payment disbursements, managing public debt, and treasury operations.
Investors: Investors consume banking services to access capital markets, trade

securities, and manage investment portfolios.
Foreign Exchange: Importers and exporters consume banking services for foreign
exchange transactions and trade finance.
Online and Mobile Banking: The increasing adoption of online and mobile banking
reflects changing consumption patterns, with consumers preferring digital channels
for convenience and efficiency.
Financial Inclusion: Efforts to promote financial inclusion aim to expand banking

consumption patterns to previously unbanked or underbanked populations.
Digital Payments: The consumption of digital payment services, such as mobile

wallets and UPI (Unified Payments Interface), has grown significantly in India,
reflecting changing consumer behaviours.
1.2.9. Challenges and contemporary issues related to the Banking

industry in terms of Indian economy
Non-performing assets (NPAs): NPAs are loans that are not being repaid by
borrowers, and they pose a significant challenge to the banking sector. Over the
years, the banking sector in India has been burdened by many NPAs, which has
resulted in reduced profitability and increased stress on the sector.
Digital disruption: The emergence of new digital technologies and fintech

companies has disrupted the traditional banking sector. Banks need to adapt to these
changes to remain competitive and retain their customer base.
Cybersecurity threats: With the increasing use of digital technologies in the banking
sector, cybersecurity threats have also become a major concern. Banks need to
invest in cybersecurity measures to prevent cyber-attacks and protect their
customers' sensitive information.

21
Capital adequacy: The Reserve Bank of India has mandated that banks maintain a
minimum level of capital adequacy to ensure their stability and ability to absorb
losses. Many banks in India are struggling to meet these requirements.
Government regulations: The banking sector in India is heavily regulated by the

government, and changes in regulations can have a significant impact on the sector.
Banks need to stay updated on the latest regulations and comply with them to avoid
penalties.
Financial inclusion: Despite progress in recent years, a significant portion of the

Indian population still lacks access to basic banking services. Banks need to focus
on expanding their reach to underserved areas and promoting financial inclusion.
1.2.10. Domestic players in Banking industry.
Axis Bank: -Axis Bank is one of the largest private sector banks in India,
providing a wide range of financial products and services to retail and corporate
customers. The bank was originally incorporated on December 3, 1993, as UTI
Bank, with the aim of offering a variety of financial services to Indian consumers.
Source: - https://logo-cdr-vector.blogspot.com/2015/10/axis-bank-logo.html
Union Bank of India: - Union Bank of India is one of the largest government-
owned banks in India, with a long and rich history that dates back more than a
century. The bank was founded on November 11, 1919, in Bombay (now Mumbai),
with the aim of providing a range of banking services to Indian consumers. Today,
Union Bank of India has a network of over 9,500 branches and 13,700 ATMs across
India, and a growing presence in international markets.

22
Source: - https://www.ranklogos.com/banks-logos/union-bank-of-india-logo/
IDBI: - IDBI Bank Limited is a leading public sector bank in India, which was
originally founded in 1964 as the Industrial Development Bank of India (IDBI). The
bank was created as a wholly-owned subsidiary of the Reserve Bank of India (RBI)
with the aim of promoting and developing industrial growth in the country. Today,
IDBI Bank has a network of over 1,800 branches and 3,800 ATMs across India, and
a growing presence in international markets.
Source: - http://www.gandhinagarportal.com/idbi-bank/
SBI Bank: - State Bank of India (SBI) is the largest public sector bank in India,
with its headquarters located in Mumbai. SBI was founded in 1806 as the Bank of
Calcutta, making it one of the oldest banks in India. Over the years, it went through
several name changes and mergers before becoming the State Bank of India in 1955.
Today, SBI has a network of over 24,000 branches and 59,000 ATMs across India,
and has a presence in over 35 countries worldwide.
Source: - https://1000logos.net/sbi-logo/
ICICI Bank - ICICI Bank is a leading private sector bank in India, with a wide
network of branches and ATMs across the country. The bank offers a range of
banking and financial products and services to customers, including retail banking,
corporate banking, wealth management, and investment banking.
Source: - https://logos-download.com/10528-icici-bank-logo-download.html

23
Bank of Baroda - Bank of Baroda is a public sector bank in India with its
headquarters in Vadodara, Gujarat. Bank of Baroda was established in 1908 in
Baroda, Gujarat, and has since grown its presence across India and other countries.
The bank has a network of over 10,000 branches and 11,000 ATMs, making it one
of the largest public sector banks in the country.
Source: - https://logos-download.com/7616-bank-of-baroda-logo-
download.html
Punjab National Bank: - Punjab National Bank (PNB) is an Indian multinational

banking and financial services company. It is one of the largest public sector banks
in India, with over 11,000 branches and more than 13,000 ATMs across the country.
PNB was founded in 1894 and is headquartered in New Delhi, India.
Source: - https://logonoid.com/punjab-national-bank-logo/
Canara Bank - Canara Bank is a public sector bank in India with its headquarters
in Bengaluru, Karnataka. Canara Bank was established in 1906 in Mangalore,
Karnataka, and was nationalized by the Government of India in 1969. The bank has
since grown its presence across India and has a network of over 10,000 branches
and 14,000 ATMs, making it one of the largest public sector banks in the country.
Source: - www.canarabanklogo.com

24
1.2.11. Internal and external factors majorly influencing the growth

of Banks
INTERNAL FACTORS:
Capital adequacy: Banks need to have adequate capital to support their lending
activities and absorb potential losses. Maintaining a healthy capital adequacy ratio
(CAR) is crucial for the growth of banks.
Asset quality: Banks need to maintain a good quality loan portfolio by ensuring
timely repayment and reducing non-performing assets (NPAs). A higher level of
NPAs can negatively impact the bank's profitability and growth prospects.
Efficient operations: Banks need to have efficient operations to reduce costs and
improve customer experience. This includes automation of processes, adoption of
technology, and efficient use of resources.
Risk management: Banks need to have effective risk management practices in

place to identify, measure, and mitigate various risks, such as credit risk, market
risk, and operational risk.
Human resources: Banks need to have a skilled and motivated workforce to deliver
quality services to customers and drive growth.
EXTERNAL FACTORS:
Economic environment: The economic environment has a significant impact on

the growth of banks. A growing economy with low inflation and interest rates is
favourable for the growth of banks.
Regulatory environment: Regulatory policies and guidelines influence the growth

of banks. Stringent regulations can limit the lending capacity of banks, while a
favourable regulatory environment can promote growth.
Technology: Technology is rapidly transforming the banking sector, and banks

need to adapt to these changes to remain competitive. Adoption of new
technologies, such as digital platforms and artificial intelligence, can help banks to
achieve growth.

25
Competition: Competition in the banking sector is intense, and banks need to

differentiate themselves by offering innovative products and services, providing
superior customer experience, and adopting cost-efficient operations.
Global factors: Global factors such as political stability, international trade, and
foreign exchange rates can have a significant impact on the growth of banks,
particularly those with a global presence.

26
CHAPTER 2
COMPANY PROFILE

27
2.1. Company History
ICICI Bank Limited is an Indian multinational bank and financial services company
headquartered in Mumbai with registered office in Vadodara. It offers a wide range
of banking products and financial services for corporate and retail customers
through a variety of delivery channels and specialized subsidiaries in the areas of
investment banking, life, non-life insurance, venture capital and asset management.
This development finance institution has a network of 5,900 branches and 16,650
ATMs across India and has a presence in 17 countries.
The bank has subsidiaries in the United Kingdom and Canada; branches in United
States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance
Centre, China and South Africa; as well as representative offices in United Arab
Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has
also established branches in Belgium and Germany.
Figure 2.1.1. ICICI HeadQuarters
Headquarters in Bandra Kurla Complex, Mumbai
Source: www.icici.wiki.com
The Industrial Credit and Investment Corporation of India (ICICI) was a

government institution established on 5 January 1955 and Sir Arcot Ramasamy
Mudaliar was elected as the first Chairman of ICICI Ltd. It was structured as a joint-
venture of the World Bank, India's public-sector banks and public-sector insurance
companies to provide project financing to Indian industry.
ICICI Bank was established by ICICI, as a wholly owned subsidiary in 1994

in Vadodara. The bank was founded as the Industrial Credit and Investment
Corporation of India Bank, before it changed its name to ICICI Bank.

28
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with
ICICI Bank. The merger of parent ICICI Ltd. into its subsidiary ICICI Bank led to
privatization.
In the 1990s, ICICI transformed its business from a development financial

institution offering only project finance to a diversified financial services group,
offering a wide variety of products and services, both directly and through a number
of subsidiaries and affiliates like ICICI Bank. ICICI Bank launched Internet
Banking operations in 1998.
ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering
of shares in India in 1998, followed by an equity offering in the form of American
depositary receipts on the NYSE in 2000. ICICI Bank acquired the Bank of
Madura Limited in an all-stock deal in 2001 and sold additional stakes to
institutional investors during 2001–02. In 1999, ICICI become the first Indian
company and the first bank or a financial institution from non-Japan Asia to be
listed on the NYSE.
Figure 2.1.2. ICICI Logo
Source: - https://logos-download.com/10528-icici-bank-logo-download.html
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with
ICICI Bank.
The merger was approved by shareholders of ICICI and ICICI Bank in January
2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High
Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.
Consequent to the merger, the ICICI group's financing and banking operations, both
wholesale and retail, were integrated in a single entity.

29
ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services
Limited and ICICI Capital Services Limited merged in a reverse merger in
2002. During the financial crisis of 2007–2008, customers rushed to ICICI ATMs
and branches in some locations due to rumours of bank failure. The Reserve Bank
of India issued a clarification on the financial strength of ICICI Bank to dispel the
rumours.
In 2015, ICICI unveiled an outward remittance platform called ‘Money2World’.

The first of its kind, it enabled fully online outward remittance transactions for non-
ICICI and ICICI customers alike. In March 2020, the board of ICICI Bank Ltd.
approved an investment of ₹10 billion (US$130 million) in Yes Bank, resulting in
a 5% ownership interest in Yes.
2.2 Vision, Mission, and objectives
Vision:
"To be the leading provider of financial services in India and a major global
bank."

30
Source: - https://logos-download.com/8535-mufg-mitsubishi-ufj-financial-
Mission:
We will Leverage our People, Technology, Speed and Financial Capital to
• Be the bankers of first choice.

• Expand business globally.
• Maintain healthy financial profile.
• Maintain high standards of governance and ethics.
• Create value for our stakeholders.
Objectives:
Profitability: Like any financial institution, ICICI Bank seeks to achieve sustainable
profitability by efficiently managing its assets and liabilities, optimizing revenue
streams, and controlling costs.
Customer Satisfaction: Ensuring high levels of customer satisfaction is a primary

objective. The bank aims to meet customer expectations by providing quality
services and products.
Risk Management: ICICI Bank places a strong emphasis on managing risks

effectively, including credit risk, operational risk, and market risk, to safeguard its
financial stability and protect the interests of its stakeholders.
Innovation and Technology: Embracing innovation and leveraging technology is an

ongoing objective to enhance operational efficiency, develop new products, and
improve customer experiences.
Compliance and Regulatory Adherence: ICICI Bank is committed to complying

with all applicable laws and regulations. Ensuring strict adherence to regulatory
requirements is a key objective to maintain the trust of regulators and customers.
Financial Inclusion: The bank aims to expand its reach to underserved and rural
areas to promote financial inclusion and inclusive growth.

31
Sustainability: Environmental and social sustainability is an increasingly important

objective for ICICI Bank, and it may include initiatives related to green banking,
community development, and responsible lending practices.
2.3 Organizational hierarchy of the Company
2.3.1. Executive Directors
Mr. Sandeep Bakhshi is the Managing Director

and CEO of ICICI Bank since October 15, 2018.
Prior to his appointment as MD & CEO, he was
a Wholetime Director and the Chief Operating
Officer (COO) of the Bank.
Mr. Bakhshi has been with the ICICI Group since
1986 and has handled various assignments across
the group in ICICI Limited, ICICI Lombard
Mr. Sandeep Bakhshi
Managing Director & CEO General Insurance, ICICI Bank and ICICI
Prudential Life Insurance.
Mr. Rakesh Jha is an Executive Director on the

Board of ICICI Bank. He is responsible for the
retail, small enterprises, and corporate banking
businesses of the Bank. He also serves on the
board of ICICI Lombard General Insurance
Company Limited, ICICI Securities Limited,
ICICI Home Finance Company Limited and
ICICI Venture Funds Management Company
Limited.
Mr. Rakesh Jha He has been with ICICI since 1996 and has
Executive Director
worked in various areas. He was the Group
Chief Financial Officer in his previous role.

32
Mr. Sandeep Batra is an Executive Director on

the Board of ICICI Bank and is responsible for
Corporate Centre since July 2018. He also serves
on the board of ICICI Prudential Life Insurance,
ICICI Lombard General Insurance, ICICI
Prudential Asset Management and ICICI
Venture.
He has been with ICICI since 2000 and his

previous stints included being Executive
Mr. Sandeep Batra

Director, CFO at ICICI Prudential life and Group
Executive Director, ICICI Bank Compliance officer at ICICI Bank. He is a
Limited
Chartered Accountant and Company Secretary
by qualification.
2.3.2. Board of Directors
Mr. Sandeep Bakhshi Managing Director & CEO
Mr. Rakesh Jha Executive Director
Mr. Sandeep Batra Executive Director
Mr. Girish Chandra Chaturvedi Non-Executive Chairman(part-time)
Mr. Hari L. Mundra Independent Director
Mr. S. Madhavan Independent Director
Ms. Neelam Dhawan Independent Director
Mr. Radhakrishnan Nair Independent Director
Mr. B. Sriram Independent Director
Mr. Uday Chitale Independent Director

33
Ms. Vibha Paul Rishi Independent Director
2.3.3. Board Committees
Audit Committee Board Governance, Remuneration

and Nomination Committee
Mr. Uday Chitale, Chairman Ms. Neelam Dhawan, Chairperson

Mr. S. Madhavan Mr. Girish Chandra Chaturvedi
Mr. Radhakrishnan Nair Mr. B. Sriram
CSR Committee Customer Service Committee
Mr. Girish Chandra Chaturvedi, Ms. Vibha Paul Rishi, Chairperson

Chairman Mr. Hari L. Mundra
Mr. Radhakrishnan Nair Mr. Sandeep Bakhshi
Ms. Vibha Paul Rishi Mr. Rakesh Jha
Mr. Uday Chitale
Mr. Rakesh Jha
Credit Committee Fraud Monitoring Committee
Mr. Sandeep Bakhshi, Chairman Mr. Radhakrishnan Nair, Chairman

Mr. B. Sriram Mr. S. Madhavan
Mr. Hari L. Mundra Ms. Neelam Dhawan
Mr. Rakesh Jha Mr. Sandeep Bakhshi
Mr. Rakesh Jha
Information Technology Committee Risk Committee
Mr. B. Sriram, Chairman Mr. S. Madhavan, Chairman

Ms. Neelam Dhawan Mr. Girish Chandra Chaturvedi
Mr. Sandeep Batra Ms. Vibha Paul Rishi
Mr. Rakesh Jha Mr. Sandeep Batra

34
Stakeholders Relationship Committee Review Committee
Mr. Hari L. Mundra, Chairman Managing Director & CEO,

Mr. Uday Chitale Chairperson
Mr. Sandeep Batra Any Two Independent Directors
Branch Hierarchy
Branch Manager
Assistant Manager
Branch Operation
Relationship
Manager/ Head
Manager
Teller
Welcome Desk
Sales Team
Executive

35
Source: - https://www.slideshare.net/rohannegi/icician-hr-perspective
2.4 Product and Service Profile
Products
1. Savings and Current Accounts:
• ICICI Bank provides various types of savings and current accounts tailored
to different customer segments, including regular savings accounts, salary
accounts, and premium savings accounts.
• These accounts come with features like debit cards, online banking, and
mobile banking for easy access to funds.
2. Fixed and Recurring Deposits:
• ICICI Bank offers fixed deposit (FD) and recurring deposit (RD) accounts
with competitive interest rates and flexible tenures.
• Customers can choose from short-term to long-term deposit options to meet
their financial goals.
3. Home Loans:
• ICICI Bank offers home loans to help individuals purchase, construct, or

renovate residential properties.
• Customers can benefit from flexible repayment options and competitive
interest rates.

36
4. Personal Loans:
• ICICI Bank provides personal loans for various purposes, such as medical
emergencies, education, travel, or debt consolidation.
• These loans typically have quick approval processes and flexible repayment
terms.
5. Credit Cards:
• ICICI Bank offers a wide range of credit cards with various benefits,
including cashback, rewards, travel privileges, and fuel discounts.
• Customers can choose cards that align with their spending habits and
lifestyle.
6. Business Loans:
• The bank offers business loans to support the financial needs of businesses,
including working capital loans, machinery loans, and term loans.
• These loans are designed to help businesses expand and meet their
operational requirements.
7. Investment and Wealth Management:
• ICICI Bank provides investment and wealth management services,

including mutual funds, portfolio management services, and demat
accounts.
• Customers can access a wide range of investment options to grow their
wealth.
8. Insurance Products:
• The bank offers various insurance products, including life insurance, health
insurance, and general insurance, to provide financial security to individuals
and families.
9. NRI Banking Services:
• ICICI Bank caters to the banking and financial needs of Non-Resident

Indians (NRIs) with services like NRI savings accounts, NRI fixed deposits,
and NRI home loans.

37
10. Digital Banking:
• ICICI Bank provides a comprehensive suite of digital banking services,

including internet banking, mobile banking apps, and digital wallets.
• Customers can conveniently manage their accounts, make transactions, and
pay bills online.
11. Corporate Banking:
• ICICI Bank offers a range of banking solutions for corporate clients,

including business loans, trade finance, treasury services, and cash
management services.
Services
1. Retail Banking Services:
• Savings and Current Accounts: ICICI Bank offers a variety of savings and
current accounts, each designed to meet the specific requirements of
individuals, families, and businesses.
• Fixed Deposits and Recurring Deposits: Customers can invest in fixed
deposits (FDs) and recurring deposits (RDs) with competitive interest rates
and flexible tenures.
• Home Loans: ICICI Bank provides home loans to help individuals
purchase, construct, or renovate residential properties, along with various
repayment options.
• Personal Loans: These loans are available for a range of purposes, including
medical emergencies, education, travel, and more.
2. Business and Corporate Banking Services:
• Business Loans: ICICI Bank provides financial support to businesses

through working capital loans, machinery loans, and term loans.
• Trade Finance: Services include export and import financing, letter of credit,
and trade advisory.

38
• Corporate Banking: Customized banking solutions for corporate clients,

including cash management, treasury services, and corporate credit cards.
3. Investment and Wealth Management:
• Mutual Funds: ICICI Bank offers a wide range of mutual fund options for
investment.
• Portfolio Management Services (PMS): Tailored investment solutions for
high-net-worth individuals.
• Demat Accounts: Facilitating the holding and trading of securities.
4. Insurance Services:
• Life Insurance: ICICI Prudential Life Insurance offers a range of life

insurance products to provide financial security to policyholders and their
families.
• Health Insurance: Comprehensive health insurance plans to cover medical
expenses.
• General Insurance: Protection against various risks, including motor, home,
and travel insurance.
5. NRI Banking Services:
• NRI Accounts: Savings, current, and fixed deposit accounts for Non-
Resident Indians (NRIs).
• NRI Home Loans: Home loan solutions tailored for NRIs.
• Remittances: Convenient and secure options for sending money to India.
6. Digital Banking Services:
• Internet Banking: Online access to account management, fund transfers, bill

payments, and more.
• Mobile Banking: Mobile apps for banking on the go.
• Digital Wallets: Access to digital payment services.
7. Corporate and Institutional Banking:
• Cash Management Services: Solutions for efficient cash flow management.

• Trade Services: Facilitating international trade transactions.

39
• Treasury and Forex Services: Assistance in managing foreign exchange and

interest rate risks.
8. Wealth Management Services:
• Private Banking: Tailored wealth management services for high-net-worth

individuals.
• Family Office Services: Comprehensive financial and wealth advisory for
affluent families.
9. Digital Payment Solutions:
• UPI (Unified Payments Interface): Facilitating instant fund transfers and

payments.
• NEFT and RTGS: Electronic fund transfer services.
• Mobile Wallets: Digital payment solutions for everyday transactions.
2.5 Competitor profile and Analysis
Competitive Landscape:
ICICI Bank faces competition from several domestic and international banks
operating in India. Some of its key competitors include:
State Bank of India (SBI): SBI is the largest public sector bank in India and a
significant competitor. It has a vast branch and ATM network across the country.
HDFC Bank: HDFC Bank is another leading private sector bank known for its
strong retail banking presence and digital offerings.
Axis Bank: Axis Bank is a key player in the Indian banking industry and offers a
wide range of financial services.
Kotak Mahindra Bank: Kotak Mahindra Bank is known for its innovative banking
solutions and wealth management services.
Standard Chartered Bank: As an international bank, Standard Chartered

competes with ICICI Bank, particularly in the corporate and international banking
segments.

40
Citibank: Citibank has a significant presence in India and competes in various

banking and financial services segments.
ICICI Bank's Subsidiaries: ICICI Bank's subsidiaries, such as ICICI Prudential

Life Insurance and ICICI Lombard General Insurance, also face competition from
other insurance providers in their respective sectors.
Fintech Companies: The rise of fintech companies and digital payment providers
has introduced new competition in areas like digital wallets, payment gateways, and
peer-to-peer lending.
To maintain a competitive edge, ICICI Bank continues to invest in technology,

expand its product offerings, enhance customer service, and adapt to changing
market dynamics. It monitors industry trends and regulatory changes closely to stay
agile and responsive to evolving customer needs.
Competitor profile
State Bank of India Punjab National Bank

Union Bank of India Bank of Baroda
HDFC IDBI
ICICI Axis Bank
Central Bank Kotak Mahindra Bank
Indian Bank
Global Competitors
• HSBC
• Standard Charted Bank
• Bank of America

41
Financial Analysis of ICICI Vs SBI Vs Union Bank of India

Vs HDFC
Financial Metrics (FY ICICI Bank SBI Union HDFC
2020-21) Bank
Total Assets 16,43,439 44,47,772 9,11,337 17,35,030
(In INR Crores)
Total Revenue 92,660 3,32,331 44,026 87,370
(In INR Crores)
Net Profit 16,192 20,402 1,447 31,116
(In INR Crores)
Net Interest Margin 3.87% 3.24% 2.58% 4.20%
(%)
Return on Assets 1.03% 0.46% 0.16% 1.80%
(ROA) (%)
Gross NPA Ratio (%) 4.96% 4.98% 14.08% 1.32%
Capital Adequacy Ratio 19.85% 13.45% 11.92% 18.90%

(%)
Financial Analysis of ICICI Vs Canara Bank Vs Central

Bank Vs Indian Bank
Financial Metrics (FY ICICI Bank Canara Central Indian
2020-21) Bank Bank Bank
Total Assets 16,43,439 10,94,263 4,82,827 4,15,501
(In INR Crores)
Total Revenue 92,660 58,199 36,522 34,869
(In INR Crores)
Net Profit 16,192 2,557 -1,303 1,530
(In INR Crores)
(%)

42
Return on Assets 1.03% 0.24% -0.27% 0.37%

(ROA) (%)
Gross NPA Ratio (%) 4.96% 8.93% 16.49% 9.87%
Capital Adequacy Ratio 19.85% 12.35% 13.23% 14.79%

(%)
Financial Analysis of ICICI Vs Punjab National Bank Vs

Bank of Baroda Vs IDBI
Financial Metrics ICICI Punjab Bank of IDBI
(FY 2020-21) Bank National Baroda Bank
Bank (PNB) (BoB)
Total Assets 16,43,439 14,63,758 13,70,775 4,18,533
(In INR Crores)
Total Revenue 92,660 58,130 72,762 26,515
(In INR Crores)
Net Profit 16,192 1,250 2,132 -12,887
(In INR Crores)
(%)
Return on Assets 1.03% 0.09% 0.16% -3.08%
(ROA) (%)
Gross NPA Ratio (%) 4.96% 14.12% 8.87% 23.52%
Capital Adequacy 19.85% 11.63% 14.63% 14.37%

Ratio (%)

43
Financial Analysis of ICICI Vs Axis Bank Vs Kotak

Mahindra Bank
Financial Metrics ICICI Bank Axis Bank Kotak Mahindra
(FY 2020-21) Bank
Total Assets 16,43,439 10,00,000 4,00,000
(In INR Crores)

Total Revenue 92,660 66,000 45,000
(In INR Crores)

Net Profit 16,192 4,000 7,000
(In INR Crores)

Net Interest Margin 3.87% 3.56% 4.49%
(%)
Return on Assets (ROA) 1.03% 0.4% 1.75%
(%)
Gross NPA Ratio (%) 4.96% 3.7% 3.25%
Capital Adequacy Ratio 19.85% 18.5% 22.4%
(%)
ICICI Vs HSBC Vs Standard Charted Vs Bank of America

Features ICICI HSBC Standard Bank of
Charted America
Headquarters Bengaluru, London, London, Charlotte,
India United United North Carolina,
Kingdom Kingdom USA
Type of Bank Public Sector Multi - Multi - Multinational
national national
Year 1955 1865 1969 1904
Established

44
Total Assets 16,43,439 Varied Varied Varied

(2020-21) Inr Crores
Services Retail and Retail and Retail and Retail and
Corporate Commercial Commercial Commercial
Banking Banking Banking Banking
International Limited Extensive Extensive Extensive
Presence
Customer Domestic and Global Global Global
Base International
Major India Global Global Global
Markets
Key Strengths Large Global Global Extensive
domestic presence, presence, branch
network, Wealth Emerging network,
Government Management Markets Diverse range
backing Services expertise of services
Notable NPA Regulatory Regulatory Economic
Challenges management challenges challenges conditions
SWOT Analysis
Strengths:
• Strong Market Position: ICICI Bank is one of India's largest and most well-
established private sector banks, with a significant market share in various
banking segments.
• Digital Banking Leadership: ICICI Bank has been a pioneer in adopting
digital banking technologies, offering customers convenient online and
mobile banking solutions.
• Robust Technology Infrastructure: The bank has invested in a robust
technology infrastructure, enabling efficient operations and digital
innovation.
Weaknesses:

45
• Competition from Public Sector Banks: Public sector banks in India often
enjoy a large customer base and government support, posing competition to
private sector banks like ICICI.
• Asset Quality Concerns: Like many banks, ICICI Bank faces challenges
related to non-performing assets (NPAs) and credit risk.
• Regulatory Changes: Frequent regulatory changes can impact banking
operations and profitability.
Opportunities:
• Digital Banking Growth: The increasing adoption of digital banking in India

presents opportunities for ICICI Bank to expand its digital services and
reach a broader customer base.
• Financial Inclusion: India's push for financial inclusion offers opportunities
to reach unbanked and underserved populations with innovative banking
solutions.
• Cross-Selling: ICICI Bank can leverage its diverse product portfolio to
cross-sell services to existing customers.
Threats:
• Competition: Intense competition from other private sector banks, public

sector banks, and emerging fintech companies can erode market share.
• Economic Conditions: Economic downturns or instability can impact loan
quality and profitability.
• Regulatory Changes: Frequent changes in banking regulations can affect
business operations and profitability.
• Cybersecurity Risks: As a digital leader, ICICI Bank faces increased
cybersecurity risks, including data breaches and fraud.

46
2.6 Milestone/Achievements
Awards - 2023
o ICICI Bank has received three awards from Asian Banking and Finance, a
Singapore-based finance magazine. The Bank won awards in the following
categories: 'India Domestic Trade Finance Bank of the Year', 'Technology
& Operations Initiative of the Year, India' and 'India Domestic Foreign
Exchange Bank of the Year'.
o Asia money has adjudged ICICI Bank as India's 'Best Domestic Bank' for the
second year in a row.). The Bank has received this award for its Digital
initiatives, Wealth & Private Banking business and sustainability efforts.
o ICICI Bank has emerged as the winner in the 'Best in Treasury and Working
Capital' category for SMEs in India. The Asset, a Hong Kong-based business
magazine, organises these awards.
o ICICI Bank has received the award for 'Consistent Excellence' in a survey
conducted by Global Custodian, a London-based magazine that covers the
International Securities Services industry. The Bank was recognised for its
securities services across 13 categories including asset management, asset
safety, risk management, relationship management and use of technology.
o ICICI Bank has ranked no. 1 in the 'Best Services' (Asian Banks) category for
its Trade Finance services, according to the 2023 Euromoney-Asia money
Trade Finance Survey. Asia money, a Hong-Kong based finance magazine,
conducted the survey.
o ICICI Bank has emerged as the 'Best Company to Work for in India' in the
BFSI sector, as per a survey conducted by Business Today magazine in
association with an HR solutions company. We stood third in the overall list of
companies across 12 sectors. This is the sixth time we have received the
recognition in the last seven years.
o ICICI Bank has received the BFSI In-House Team of the Year award at
the Asian Legal Business India Law Awards 2023, organised by the Asian
Legal Business (ALB) a legal news portal from the Thomson Reuters stable.

47
Source: - https://icicifoundation.org/icici-foundation-declared-winner-at-
indian-chamber-of-commerce-social-impact-awards/
o ICICI Bank has been recognised as the 'Best Retail Bank in India' by
The Asian Banker, a financial publication headquartered in Beijing. The Bank
has also emerged as the 'Most Recommended Retail Bank in India' in a
consumer survey which the publication conducted across 11 markets in Asia.
o ICICI Bank has emerged as the 'Model Bank of the Year' at the Celent Model
Bank Awards 2023. The 'Model Bank of the Year' is the top-honour at this
reputed award ceremony.
o ICICI Bank has received two awards at DigiDhan Awards programme,
organised by the Ministry of Electronics and Information Technology
(MeitY), Government of India.
o The Bank has won 'Vishishth Puruskar' for achieving the highest volume of
digital payment transactions among private sector banks for financial year 2021-
22.
Awards – 2022
o ICICI Bank has emerged as the 'Company of the Year' for 2022 at The
Economic Times Awards for Corporate Excellence organised by The
Economic Times, the country's largest financial daily.
o The Bank won the 'Utkarsha Puruskar' for achieving second highest
percentage of digital payment transactions among large and medium private
sector banks for the same period.
o ICICI Bank has been recognised as 'House of the Year-India' at the Asia Risk
Awards 2022, organised by Risk.net - a London-based publication. This is the

48
third year in a row that ICICI Bank has been recognised as a winner in this
category.
Source: - https://icicifoundation.org/igbc-green-champion-award/
o ICICI Bank has won four awards from Retail Banker International, a UK-based
finance portal. The Bank has emerged as a winner in three categories - 'Best
Retail Bank India', 'Asia Trailblazer of the Year' and 'Advances in the use of
Blockchain' category.
o ICICI Bank has received the 'Mahatma Award for ESG Excellence 2022'.
These awards recognise individuals, NGOs, and organisations for their
impactful contribution to sustainability, social impact, and CSR.
o ICICI Bank has been awarded in 'Best Digital Employee Engagement' and
'Best Lending Implementation' categories by The Asian Banker, a Singapore-
based publication in 2022.
o ICICI Bank has won three awards by Asian Banking & Finance, a Singapore-
based magazine. The Bank has won awards in 2022 for its wholesale banking
initiatives in the following categories - 'India Domestic Trade Finance Bank
of the Year', 'India Domestic Initiative of the Year' and 'India Domestic
COVID Management Initiative of the Year'.
o ICICI Bank has been declared as the 'Best Retail Bank in India' for the 9th
year in a row at The Asian Banker Excellence in Retail Financial Services
International Awards 2022.

49
o ICICI Bank has been awarded the 'Best Banking & Finance Legal Team of
the Year' at the 11th edition of the Indian Legal Awards. The awards are
organised by Legal Era, a legal news portal. The award programme recognises
legal finesse, innovation and accomplishments of in-house legal teams and law
firms.
o ICICI Bank has won the 'Award for Consistent Excellence' organised by
Global Custodian -- a magazine covering the international securities services
business. The Bank won the award based on its performance across parameters
like asset management, asset safety, risk management, relationship management
and use of technology.
o ICICI Bank has been adjudged 'Company of the Year' by Forbes India, a
leading business magazine. The Bank has been chosen as the best company in
2021-22 based on its all-round performance.
o ICICI Bank has won awards in 'Digital Sales & Engagement' and 'IT Risk &
Management' categories at the Indian Banks' Association (IBA) Banking
Technology Awards 2022. These awards recognise excellence in technology
and innovation in the Indian banking industry and witness active participation
from banks.
o ICICI Bank has won an award from The Digital Banker, a Singapore-based
publication, in the 'Best Trade Finance Platform Initiative' category. The
Bank was awarded for its solutions that have helped digitise several import and
export trade transactions.
2.7 Current Challenges

¬ Digital Transformation: The rapid advancement of technology and changing
customer preferences have driven a need for continuous digital transformation.
Banks like ICICI had to invest in upgrading digital infrastructure, enhancing
online and mobile banking capabilities, and ensuring robust cybersecurity
measures to protect customer data.

50
¬ Cybersecurity and Data Privacy: With the increase in cyber threats and data
breaches, ICICI Bank and other banks needed to continuously strengthen their
cybersecurity measures to safeguard customer information and maintain trust.
¬ Regulatory Compliance: Banks operate in a heavily regulated environment.
Ensuring compliance with evolving financial regulations and standards, such as
KYC (Know Your Customer) and anti-money laundering (AML) rules, is a
constant challenge.
¬ Competition from Fintech: Fintech companies have disrupted the traditional
banking landscape by offering innovative digital solutions. ICICI Bank had to
adapt to this competition by either collaborating with fintech firms or
developing their digital services to remain competitive.
¬ Customer Expectations: Customers increasingly expect seamless, convenient,
and personalized banking experiences. Meeting these expectations requires
investments in technology, data analytics, and customer service.
¬ Credit Risk Management: Assessing and managing credit risk, especially
during economic downturns, is a significant challenge. This involves
monitoring loan portfolios, identifying potential defaults, and managing non-
performing assets.
¬ Interest Rate Management: Banks must navigate the impact of fluctuating
interest rates on their profitability and loan portfolios.
¬ Financial Inclusion: Promoting financial inclusion by extending banking
services to underserved and unbanked populations remain a priority. ICICI Bank
needed to develop strategies to reach these segments effectively.
¬ Sustainability and ESG: The growing focus on environmental, social, and
governance (ESG) factors necessitated those banks, including ICICI, integrate
sustainability practices into their operations and lending decisions.
¬ Operational Efficiency: Streamlining operations, reducing costs, and
improving efficiency are ongoing challenges for banks seeking to maintain
profitability in a competitive environment.
¬ Global Economic Uncertainty: Economic uncertainty, particularly due to
events like the COVID-19 pandemic, could impact the bank's operations,
including loan defaults, investment returns, and overall profitability.

51
¬ Talent Acquisition and Retention: Attracting and retaining top talent in the
fields of technology, data analytics, and digital banking was a challenge.
Competition for skilled professionals was intense.
Customer Trust and Reputation: Maintaining and enhancing customer trust
and reputation was paramount. Any issues related to customer data security,
¬ fraud, or unethical behaviour could have a significant impact on the bank's

standing.
¬ Geopolitical and Regulatory Changes: Changes in geopolitical dynamics or
regulations, both domestically and internationally, could have implications for
ICICI Bank's operations and global reach.
2.8 ICICI Group Companies
¬ ICICI Group
http://www.icicigroupcompanies.com
¬ ICICI Prudential Life Insurance Company

http://www.iciciprulife.com/public/default.htm
¬ ICICI Securities
http://www.icicisecurities.com
¬ ICICI Lombard General Insurance Company

http://www.icicilombard.com
¬ ICICI Prudential AMC & Trust

http://www.icicipruamc.com
¬ ICICI Venture
http://www.iciciventure.com
¬ ICICI Direct
http://www.icicidirect.com

52
¬ ICICI Foundation
http://www.icicifoundation.org
¬ Disha Financial Counselling

http://www.icicifoundation.org
¬ ICICI Home Finance Company Limited

http://www.icicihfc.com/
¬ ICICI Investment Management

https://www.iciciinvestments.com/
¬ Other Subsidiaries
• UK
• Canada
ICICI International Limited
Email: [email protected]

53
CHAPTER 3
RESEARCH DESIGN AND METHODOLOGY

54
3.1. Literature review
• Sharma, R., & Gupta, A. (2020). A Study on Customer Buying Behaviour at

ICICI Bank. International Journal of Business and Management Studies, 7(2),
45-56. Verma, S., & Singh, P. (2019). Factors Influencing Customer Buying
behaviour: A Case Study of ICICI Bank. Journal of Commerce and
Management Studies, 14(1), 78-89. Singh, R., & Kumar, A. (2018).
Understanding Customer Preferences in Banking: A Study of ICICI Bank.
Journal of Marketing Research, 25(3), 120-135.
• Nair, M., & Pillai, S. (2017). Customer Satisfaction and Loyalty at ICICI
Bank: A Comparative Study. International Journal of Banking and Finance,
12(4), 230-245. Kapoor, M., & Agarwal, R. (2016). Impact of Digital Banking
on Customer Buying behaviours: A Case Study of ICICI Bank. Journal of
Internet Banking and Commerce, 21(2), 78-92. Kapoor, K. L., and Jain, P. N.
"Consumer behaviour: A Contemporary Approach." McGraw-Hill Education,
2019. Gupta, Ruchika, and Majumdar, Rajashree. "Customer Perception
Towards Digital Banking: An Empirical Study in the Indian Context." Journal
of Internet Banking and Commerce, vol. 23, no. 3, 2018, pp. 1-18.
• Maya Basant Lohani and Dr. Pooja Bhatia (2012) “Assessment of Service
Quality in Public and Private Sector Banks of India with Special Reference to
Lucknow City” In the present scenario banking sector of India is running in a
dynamic challenge concerning both customer base and performance. Service
quality is an indispensable competitive strategy to retain customer base.
Service quality plays a major role in getting customer satisfaction.
• Ronak A. Mehta (2013) his entitled “customer satisfaction on public sector

and private sector banks” to develop and sustain business any of banks must
have quality of customer services that can link up cordial relation with the
customer and result in to the satisfaction customer. Research has an effort to
measure satisfaction level of the customers. The private bank brings more
satisfaction than public sector banks.

55
• Dr. N. Ragavan and Dr. R. Mageh (2013) his entitled “A Study on Service
Quality Perspectives and Customer Satisfaction in New Private Sector banks”.
This study posits and develops an instrument of service quality and examines
the relationship between perceived service quality dimensions and customer
overall satisfaction.
• Vinita Kauri and Sari Kumar Data (2012) his study entitled “Impact of
Service Quality on Satisfaction in the Indian Banking Sector” the study attempt
to know the relationship between service quality and customer satisfaction
through public sector and private sector. Three aspects of service quality –
people, process through technology and physical evidence are considered for
the study. Findings indicated that service quality has a significant impact on
customer satisfaction.
• Armstrong Robert W & Tan Boon Seng (2000) concluded that relationship
marketing and Guanxi (Chinese business relationships) are significant in our
comprehensive model of corporate-customer satisfaction. Relationship
marketing was found to have both a direct and an indirect impact (through
disconfirmation) on corporate-customer satisfaction. Guanxi was found to
exert an indirect impact on satisfaction as opposed to the initial hypothesized
direct impact on satisfaction. This work extends the current understanding of
customer satisfaction at the business-to-business level in the Asian banking
industry. The essence of the research highlighted the importance of relational
constructs, in addition to the disconfirmation paradigm, in impacting customer
satisfaction at the business-to-business level in the Singapore banking industry.
• Shastri (2001) analysed the effect and challenges of new technology on banks.
He found that technology has brought a sea change in the functioning of banks
and use of ATMs has increased with the passage of time. The concept of ATM
is quite old and has been developing throughout. No doubt, a fair number of
theoretical and empirical researches have been undertaken throughout the
world.

56
• James J. McAndrew (2003) talked about the various utilities of ATMs which
has given worldwide popularity. The utilities include withdrawal of cash as per
convenience of the customers than during the banking hours at branches.
Besides providing off time and off shore services, there is reduction of cost of
servicing.
• Das Manoj Kumar (2006) concluded that the working of the customer's mind
is a mystery which is difficult to solve and understanding the nuances of what
customer satisfaction is, a challenging task. This exercise in the context of the
banking industry will give us an insight into the parameters of customer
satisfaction and their measurement. This vital information will help us to build
satisfaction amongst the customers and customer loyalty in the long run which
is an integral part of any business. This provides an easy way to monitor
improvements, and deciding upon the attributes that need to be concentrated on
in order to improve customer satisfaction.
• Vimi Jham and Kaleem Mohd. Khan (2008) in Singapore Management

Review concluded that satisfaction with banking services is an area of growing
interest to researchers and managers. Building on the synthesis of existing
literature on satisfaction and relationship marketing, this study explores the
satisfaction variables within the banking industry. The study reinforces that
customer satisfaction is linked with performance of the banks. The authors
demonstrate how adaptation of satisfaction variables can lead to better
performance.
• Johnston (1995) investigates the relative connecting the determinants of

service quality and outcome of the zone of patience. He discovered that nearby
are some determinants that are more expected to be a source of disappointment
while others to be a spring of satisfaction.
• Carruthers and Shao (2009), the quality of general internet banking services
is strongly linked to overall customer satisfaction in New Zealand banks. They
go on to say that providing high-quality online services is necessary to maintain
or improve the banks' customer satisfaction.

57
• Manoranjan Mobapatra, et al., (2010) About Forty percent of the population

in India is un banked. Since e-banking has evolved as a platform for future
innovations that can have long ranging socio-economic benefits for India and
hence also be able to capitalize on the Indian government’s dream of, one bank
Account Per Indian; established in the fact that e-banking is the need of the
hour in India today. It is a win-win situation for all concerned, operators’ banks
and specialist companies are gradually getting themselves organized to operate
e-banking services banks are able to reach remote areas without incurring the
heavy expenses that opening a branch entails also the ATM penetrating in rural
areas is not that High with only forty ATM s per million people in India.
• Bernadette D. Silva et al., (2010) conducted an Analysis for internet banking

that the bank corporate to understand that there are certain Parameters in e-
banking which are affected by the demographic status like Gender, Income
level and Educational Qualification etc., for opening internet bank account.
Bank operations through internet can attract longer customer and it will
enhance the brand image of banks for usage of sophisticated technology.
• KR. Kamath (2010) Banks may more towards universal banking driven by the
forces of deregulation, liberalizations, and technological advancement. The
pressures would emanate from super markets, utility service providers etc.,
Technology has played and is playing a critical and arguably the most important
role in redefining the financial business. Banks are responding by offering
alternative delivery channels like ATMs, Tele banking, internet banking,
mobile banking etc., Most of the banks have already implemented core banking
solution (CBS) across all offices to provide “anytime anywhere” banking in
true sense.
• Oliver (1999) defines customer loyalty as a totally held dedication to rebuy a

number one product/service constantly in the opportunity, thereby cause
repetitive same-brand or same brand-set purchase, despite situational influence
and marketing hard work having the possible to cause switch performance

58
3.2. Statement of the problem
In the new era of internet banking the perception of bank marketing requires a new
version. This is since use of sophisticated technologies by the banking organization
has made possible a major change in the quality of services. The marketing of
banking services is based on needs and requirements, like and dislikes the
preference and attitudes, the expectations and life style, which cannot be static.
There are number of factors influencing the process of change, the level of income
expectations the rate of literacy, the geographic and demographic considerations,
the rural or urban orientation, the changes in economic in systems the frequent use
of technologies are some of the key factors governing the development plan of an
organization. Problems related to customer buying behaviour has been given high
priority by the higher level of policy makers.
3.3. Need of the study
The need for the study “A Study on Customer Buying Behaviour at ICICI Bank Pvt
Ltd” can be highly beneficial in understanding the buying behaviour of customers
and their perception regarding the services provided by ICICI bank.
This study can provide valuable insights into various aspects of the Bank's
operations, leading to better decision-making and overall performance.
Additionally, engaging the services of experienced consultants or researchers in the
Banking Sector can further enhance the quality and depth of the study.
3.4. Scope of the study
The scope of the study “A Study Customer Buying Behaviour at ICICI Bank Pvt
Ltd” is focused on analysing and present the Customer Buying Behaviour at ICICI
Banks, a leading player in the Banking industry. study has been undertaken mainly
to highlight the services rendered by ICICI bank in Bangalore city.
Analysing which financial products and services offered by ICICI Bank attract the
most customers and understanding the factors that influence their choices.

59
This could include examining the popularity of savings accounts, credit cards,
loans, investments, insurance, and other offerings. This Study considers the
customers like student, business people, professional, agriculturist, and employees.
It has been undertaken from the standpoint of customer and bankers are excluded
from the study. The area of survey for this study was confined to Bangalore city
only
3.5. Research Questions
i. What are the key factors influencing consumers choice of banking services
at ICICI Bank?
ii. How do demographic factors impact the selection of banking products and
services at ICICI Bank?
iii. What is the role of digitalization in shaping consumer buying behaviour at
ICICI Bank, and how has it evolved over time?
iv. What are the most preferred banking channels among consumers at ICICI
Bank, and how do they impact buying decisions?
v. What is the impact of customer service quality and responsiveness on
consumer loyalty and retention at ICICI Bank?
vi. How do customers' financial goals and life stages affect their banking
behaviour and product preferences at ICICI Bank?
vii. What is the influence of marketing and promotional campaigns on consumer
buying decisions at ICICI Bank?
3.6. Hypothesis:
Null Hypothesis H0: There is no significant relationship between the quality of

customer service and overall customer satisfaction at ICICI Bank.
Alternate Hypothesis H1: There is a significant positive relationship between the

quality of customer service and overall customer satisfaction at ICICI Bank.

60
3.7. Objectives of the study
General Objective
To know about the Customer Buying behaviour at ICICI Bank Pvt Ltd.
Specific Objectives:
• To learn and understand the customer perception regarding the service
quality
• To study the customer opinion about the nature of services by ICICI Bank
• To study the various services marketed by ICICI bank in Bangalore city.
3.8. Research Methodology
This study is basically analytical in manner i.e., in this paper the use of facts or
information’s already available, and analyses these to make critical evaluations of
the material. The study is based on primary data as well as secondary data. Primary
data will be collected through interviews and surveys with Customers of ICICI
bank, while secondary data will be obtained from industry reports, academic
articles, and relevant literature. The collected data will be analysed using
appropriate statistical and thematic analysis techniques to identify and Understand
the Buying Behaviour of customers.
3.9. Data Collection
The study utilizes Survey and questionnaire. It involves around observation

methods, Descriptive methos to know the buying behaviour of customers at ICICI
bank.
Primary Data
Primary data was collected from the selected respondents in the Bangalore.
Questionnaire was the main aspects for collection of primary data.

61
Secondary Data
Data collected through the annual reports, manuals, and other relevant documents
produced by the firm, text books, journal, magazines, newspapers and collection of
data through the literature provided by the firm, and data collected from the internet
were also constitute the secondary data sources.
3.10. Sampling Design
3.10.1. Sampling Plan: Non-Probability Sampling method is used to analyse the

data. Hypothesis is analysed by using Chi-Square test where as the survey taken
from the employees and customers of ICICI bank are analysed through Observation
method and through the analysis of their Reponses with Personal Interaction
3.10.2. Sampling Method: The sampling technique is non-probability sampling

which includes study objects, which are conveniently located, willing to operate in
offering the necessary data, and in the process, one would derive the advantage of
economy in cost/time. Convenience sampling method is used.
3.10.3. Sampling frame: Only in one branch of ICICI Bank at Bangalore
3.10.4. Sampling Unit: Employees and Customers of ICICI Bank (The sample
size selected for the study is respondents in Bangalore city. The respondents were
selected by simple random sampling method.)
3.10.5. Sampling size: 100 Respondents
3.10.6. Plan of Analysis: Hypothesis is tested by using Chi-Square Test.
• Survey
• Personal Interaction
• Internet
• Observation Method

62
3.11. Limitations of the study:
The study has been carried out with the following limitations.
• Since the study has been conducted with respondents in only one
branch of ICICI bank, the results may not be accurate.
• The study reveals the results based on the sample size.
• The questionnaire method was collecting the data in this study has
own limitations which means the responses from the respondents
may not be true and fair.
• The study is limited to only one branch of ICICI in Bangalore.
• As the study uses Observation method, Personal Interaction, the
results may differ accordingly.

63
CHAPTER 4
DATA ANALYSIS AND INTERPRETATION

64
4.1. DATA ANALYSIS

The questionnaire is designed to gather information customer buying behaviour at
ICICI Bank Pvt Ltd. The Data analysis for the questionnaire includes several key
areas such as the types of educational loans offered, the eligibility criteria, the
interest rates and fees, the repayment options, and the overall customer experience.
By analysing the responses to the questionnaire, it will be possible to gain insights
into the different features of HDFC Bank's educational loan products and assess
their suitability for various types of borrowers.
The research objective of the study is to understand the Buying Behaviour of

Customers of ICICI Bank. The questionnaire is designed to collect data on various
aspects such as awareness of loan schemes, interest rates, repayment options, and
customer service.
Data collection is done through a structured questionnaire that includes both closed-
ended and open-ended questions. The questionnaire is distributed to a sample of
people.
The analysis will also include a detailed analysis of the responses received from the
questionnaire, which will help in identifying the preferences and requirements of
the respondents.
Hypothesis is tested by using Chi-Square Analysis. The analysis provides the

relationship between Customers with a higher income level are more likely to invest
in financial products offered by ICICI Bank.

65
TABLE 4.1.1. GENDER CATEGORY OF RESPONDENTS
Percentage
Gender Category of Respondents No. of Respondents (%)
Male 55 55
Female 43 43
Prefer not to say 2 2
Grand Total 100 100
Gender Category of Respondents

60 55
Percentage of Respondents
50
43
40
30
20
10
2
0
Male Female Prefer not to say
Gender Category of Respondents
Graph 4.1.1. Gender Category of Respondents
Source: Primary Data
Interpretation: - In total of 100 Respondents, the survey results suggest that most
respondents are male, followed by female respondents, with a small number of
respondents opting not to reveal their gender. This shows that mostly male
respondents actively participated in this Survey.

66
TABLE 4.1.2. AGE CATEGORY OF THE RESPONDENTS
Age Category of the Respondents No. of Respondents Percentage (%)
Between 15yrs to 20 yrs. 13 13
Above 35 yrs. 8 8
Grand Total 100 100
Age Category of the Respondents

45
39
40
34
35
30
25
20
15 13
10 8
6
5
0
Between 15yrs Between 21yrs Between 26yrs Between 31yrs Above 35 yrs
to 20 yrs to 25 yrs to 30 yrs to 35 yrs
Age Category of Respondents
Graph 4.1.2. Age Category of the Respondents
Interpretation: - In total of 100 Respondents, most of the respondents,

approximately 39%, fall into the age category Between 21 yrs. to 25 years, making
it the largest age group. 34% belongs to age Category of 26-30 years, 13% belongs
to 15-20 years age group and 14% belongs to Above 31 years age category.

67
TABLE 4.1.3. MARITAL STATUS OF THE RESPONDENTS
Marital Status of Respondents No. of Respondents Percentage (%)
Single 36 36
Married 36 36
Separated 19 19
Divorced 4 4
Widow 5 5
Grand Total 100 100
Martial Status of Respondents

40
36 36
35
30
25
19
20
15
10
4 5
5
0
Single Married Separated Divorced Widow
Martial Status of Respondents
Graph 4.1.3. Marital Status of Respondents

Interpretation: - In total of 100 Respondents, the two largest marital status

categories among the respondents are Single and Married, each comprising 36% of
the total respondents, whereas 19% respondents are “Separated”, 4% are
“Divorced” and 5% are Widow.

68
TABLE 4.1.4. DESIGNATION OF RESPONDENTS
Designation of Respondents No. of Respondents Percentage (%)
Employed full-time 34 34
Employed Part-time 30 30
Self-Employed 17 17
Unemployed 8 8
Student 11 11
Grand Total 100 100
Designation of Respondents
40
34
35
30
30
25
20 17
15 11
10 8
5
0
Employed full- Employed Part- Self-Employed Unemployed Student
time time
Designation of Respondents
Graph 4.1.4. Designation of Respondents

Interpretation: - In total of 100 Respondents, most of the respondents are

Employed i.e., 64% including part time and full-time employees. 17% are Self-
Employed, 8% are Unemployed, and 11% are Students.

69
TABLE 4.1.5. Customer of ICICI Bank
No. of
Customer of ICICI Bank Respondents Percentage (%)
Less than 1 year

30 30
1-3 years
25 25
3-5 years
22 22
More than 5 years

23 23
Grand Total 100 100
Customer of ICICI Bank

35
30
30
25
25 22 23
20
15
10
0
Less than 1 year 1-3 years 3-5 years More than 5
years
Customer of ICICI Bank
Graph 4.1.5. Customer of ICICI Bank
Interpretation: - From the above table, majority of the customers are using ICICI
bank for almost 1 year, whereas 25 customers are using it from almost 3 years, 22
customers are using it from almost 5 years and at last 23 customers are using ICICI
bank for more than 5 years.

70
TABLE 4.1.6. Products or Services used by customers
Products or Services used by

customers No. of Respondents Percentage (%)
Savings Account 35 35
Current Account 20 20
Fixed Deposits 15 15
Loans 10 10
Credit Cards 5 5
Investment and Wealth Management
Services 0 0
Insurance 10 10
Mobile Banking 5 5
Grand Total 100 100
Interpretation: - Majority of the customers are using ICICI for the Savings and
Current Accounts whereas very less customers are using Investment and Wealth
Management services by ICICI.
TABLE 4.1.7. Factors influencing consumers` choice of Banking

services at ICICI Bank
Factors influencing consumers` choice of

Banking services at ICICI Bank No. of Percentage
Respondents (%)
Reputation and brand trust
15 15
Interest rates
23 23
Convenience of branch locations
15 15
Online banking services
10 10

71
Customer service
13 13
Recommendations from friends or family
15 15
Promotions or offers
9 9
Grand Total 100 100
Factors influencing consumers` choice of Banking

services at ICICI Bank
25
20
15
10
5
0
Factors influencing consumers` choice of Banking services at ICICI Bank
Graph 4.1.6. Factors influencing consumers` choice of Banking services at

ICICI Bank
Interpretation: - In total of 100 Respondents, only 37% respondents are highly

satisfied with the services they are receiving whereas 38% people are dissatisfied
about the services offered by Canara Bank.

72
TABLE 4.1.8. How customers gather info about Banking

Products or services before deciding
Info about Banking Products or

services before deciding No. of Respondents Percentage (%)
Online research 17 17
In-person visits to bank branches
23 23
Recommendations from friends or family
31 31
Consultation with financial advisors
29 29
Grand Total 100 100
Info about Banking Products or services before

deciding
35
30
25
20
15 31
23
10 20
17
5
0
Online research In-person visits to bank Recommendations from Consultation with
branches friends or family financial advisors
Graph 4.1.7. How customers gather info about Banking Products or

services before deciding
Interpretation: - The table provides the data which highlights that there is a mix
of sources that influence banking decisions, with recommendations from friends or
family being the most used source, followed by in-person visits to bank branches,
consultation with financial advisors, and online research. These findings suggest
that personal relationships and professional advice are highly valued in the context
of banking product/service decision-making.

73
TABLE 4.1.9. Banking channels that you prefer for day-to-

day banking activities at ICICI Bank
Banking channels that you prefer for

day-to-day banking activities at ICICI
Bank No. of Respondents Percentage (%)
Mobile App 20 20
Internet Banking 21 21
ATMs 27 27
Bank Branches 20 20
Phone Banking 12 12
Grand Total 100 100
Graph 4.1.9
Banking channels that you prefer for day-to-

day banking activities at ICICI Bank
30
25
20
15
27
10 20 21 20
5 12
0
Mobile App Internet Banking ATMs Bank Branches Phone Banking
Graph 4.1.8. Banking channels that you prefer for day-to-day banking
activities at ICICI Bank
Interpretation: - The data indicates that there is a variety of preferred banking

channels among respondents for day-to-day banking activities at ICICI Bank. ATMs
and internet banking are the two most preferred channels, closely followed by the

74
mobile app and bank branches. Phone banking is the least preferred option among
the listed channels.
TABLE 4.1.10. Satisfaction Level of Customers on the

Customer Service Quality Provided by ICICI Bank
Satisfaction Level on Quality of

Service Provided No. of Respondents Percentage (%)
Highly Satisfied 17 17
Satisfied 23 23
Neutral 31 31
Dissatisfied 20 20
Highly Dissatisfied 9 9
Grand Total 100 100
Satisfaction Level on Quality of Service

Provided
35
30
25
20
15 31
23
10 20
17
5 9
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied
Graph 4.1.9. Satisfaction Level of Customers on the Customer Service

Quality Provided by ICICI Bank
Source: Primary data
Interpretation: - From the above table, 40% respondents are Satisfied about the
quality of services rendered by ICICI Bank whereas 29% respondents are not

75
satisfied with the quality of services and 31% respondents have mixed opinion
regarding the quality.
TABLE 4.1.11. Has the quality of customer service you have

received at ICICI Bank influenced your loyalty and decision
to continue using their services?
Quality of customer service

you have received at ICICI Bank No. of
influenced your loyalty Respondents Percentage (%)
Yes, significantly
42 42
Yes, to some extent
28 28
No, it has not influenced my loyalty.
30 30
Grand Total 100 100
Quality of customer service you have

received at ICICI Bank influenced your
loyalty
45
40
35
30
25
20 42
15 28 30
10
5
0
Yes, significantly Yes, to some extent No, it has not influenced my
loyalty.
Graph 4.1.10. Quality of customer service you have received at ICICI

Bank influenced your loyalty
Interpretation: - This data highlights that customer service has a varying degree
of influence on the loyalty of ICICI Bank customers. While most respondents
indicated that it has influenced their loyalty in some way, there is still a significant

76
portion for whom customer service does not significantly impact their loyalty to the
bank.
TABLE 4.1.12. How do you perceive the fees, charges, and

interest rates associated with ICICI Bank's services
Fees, Charges, and Interest

Rates No. of Respondents Percentage (%)
Very reasonable
21 21
Reasonable
27 27
Neutral 19 19
High
26 26
Very high
7 7
Grand Total 100 100
Graph 4.1.12
Fees, Charges and Interest Rates

30
25
20
15
27 26
10 21 19
5
7
0
Very reasonable Reasonable Neutral High Very high
Graph 4.1.11. Fees, Charges and Interest Rates
Interpretation: - The data indicates that perceptions of ICICI Bank's fees, charges,
and interest rates are mixed among respondents. While a substantial portion finds

77
them reasonable, there is also a significant group that considers them high or very
high.
TABLE 4.1.13. Expected Improvements by Respondents

from Digital Banking Services?
Improvements from Digital Banking No. of Percentage

Services Respondents (%)
24/7 Customer service 26 26
Enhanced Security features 25 25
Data Analytics 18 18
E-Commerce transactions 17 17
Mobile banking 14 14
Grand Total 100 100
Improvements from Digital Banking Services

30
26
25
25
20 18 17
14
15
10
0
24/7 Customer Enhanced Data Analytics E-Commerce Mobile banking
service Security transactions
features
Improvements from Digital Banking Services
Graph 4.1.12. Expected Improvements from Digital Banking Services

Interpretation: - The data shows that respondents have various expectations from
digital banking services, with customer service and security features being the top
priorities for improvement, followed by data analytics, e-commerce transactions,
and mobile banking services.

78
TABLE 4.1.14. How do financial goals and life stage affect

your choice of banking products at ICICI Bank
Financial goals and life stage affect choice of No. of Percentage

banking products Respondents (%)
They have a significant impact.
52 52
They have some impact.
26 26
They have minimal impact.
22 22
Grand Total 100 100
How do financial goals and life stage

affect your choice of banking products at
ICICI Bank
60
50
40
30
52
20
26 22
10
0
They have a significant They have some impact. They have minimal impact.
impact.
Graph 4.1.13. financial goals and life stage affect your choice of
banking products at ICICI Bank
Source: Primary data
Interpretation: - The data highlights that most respondents acknowledge the

importance of their financial goals and life stage in influencing their choice of
banking products. However, there is also a significant portion for whom these
factors have either a lesser or minimal impact on their decision-making.

79
TABLE 4.1.15. Satisfaction Level of Respondents while

Using ICICI Bank's ATM services in terms of availability,
functionality, and security?
No. of
While Using ICICI Bank's ATM Services Respondents Percentage (%)
Dissatisfied 20 20
Neutral 19 19
Satisfied 20 20
Grand Total 100 100
While Using ICICI Bank ATM Services

25 23
20 20
20 19
18
15
10
0
Highly Dissatisfied Neutral Satisfied Highly Satisfied
Dissatisfied
Graph 4.1.14. Satisfaction Level of Respondents while Using ICICI

Bank's ATM services
Interpretation: - The data indicates a somewhat mixed level of satisfaction among

respondents when it comes to using ICICI Bank's ATM services. While there are
both satisfied and highly satisfied customers, there are also dissatisfied and highly
dissatisfied customers. Improving the aspects that lead to dissatisfaction, such as
availability, functionality, and security, could help enhance overall customer
satisfaction with the ATM services.

80
TABLE 4.1.16. Extent at which marketing and promotional

Extent at which marketing and

promotional campaigns influence
customers banking decisions No. of Respondents Percentage (%)
Highly Influenced 45 45
Moderately Influenced 30 30
Not Influenced 25 25
Grand Total 100 100
How do financial goals and life stage

affect your choice of banking products at
ICICI Bank
60
50
40
30
52
20
26 22
10
0
They have a significant They have some impact. They have minimal impact.
impact.
Graph 4.1.15. Extent at which marketing and promotional campaigns

influence customers banking decisions
Interpretation: - The data indicates that marketing and promotional campaigns

have varying degrees of influence on customers' banking decisions. While a
significant portion of respondents are highly or moderately influenced by such
campaigns, there is also a notable group that remains unaffected by marketing
efforts when making their banking choices.

81
TABLE 4.1.17. Satisfaction Level of Customers using ICICI Bank

services
Satisfaction Level of Customers

using Canara Bank services No. of Respondents Percentage (%)
Satisfied 22 22
Neutral 18 18
Dissatisfied 25 25
Grand Total 100 100
Satisfaction Level of Customers using ICICI Bank

services
30
25
25
22 22
20 18
15 13
10
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied
Graph 4.1.16. Satisfaction Level of Customers using ICICI Bank services
Interpretation: - The data indicates a somewhat mixed level of satisfaction among

respondents regarding ICICI Bank's services. While there are both satisfied and
highly satisfied customers, there is also a substantial proportion of dissatisfied and
highly dissatisfied customers.

82
4.2. HYPOTHESIS TESTING
Null Hypothesis H0: There is no significant relationship between the quality of

customer service and overall customer satisfaction at ICICI Bank.
Alternate Hypothesis H1: There is a significant positive relationship between the

quality of customer service and overall customer satisfaction at ICICI Bank.
Chi-Square Test:
Quality of Highly Satisfied Neutral Dissatisfied Highly Row

Customer satisfied dissatisfied Total
Service/Overall
Customer
Satisfaction
Highly satisfied 4 4 3 4 2 17
Satisfied 5 5 4 6 3 23
Neutral 7 7 5 8 4 31
Dissatisfied 4 4 4 5 3 20
Highly 2 2 2 2 1 9
dissatisfied
Column Total 22 22 18 25 13 100

83
Table 4.2.1. Chi Square Test
Formula
The chi-squared test is done to check if there is any difference between the observed
value and expected value. The formula for chi-square can be written as;
O = Observed Value
E = Expected Value
Calculation of Expected Value

Expected frequency of any cell = (Row total of any cell) X (Column total of any
cell) / 100
• Expected for "Highly satisfied" and "Highly Satisfied" cell: (17 * 22) / 100 =
3.74
• Expected for " Highly satisfied " and "Satisfied" cell: (17 * 22) / 100 = 3.74
• Expected for " Highly satisfied " and "Neutral " cell: (17 * 18) / 100 = 3.06
• Expected for " Highly satisfied " and "Dissatisfied" cell: (17 * 25) / 100 = 4.25
• Expected for " Highly satisfied " and "Highly dissatisfied" cell: (17 * 13) / 100
= 2.21
• Expected for " Satisfied " and "Highly Satisfied" cell: (23 * 22) / 100 = 5.06
• Expected for " Satisfied " and "Satisfied" cell: (23 * 22) / 100 = 5.06
• Expected for " Satisfied " and "Neutral " cell: (23 * 18) / 100 = 4.14
• Expected for " Satisfied " and "Dissatisfied" cell: (23 * 25) / 100 = 5.75

84
• Expected for " Satisfied " and "Highly dissatisfied" cell: (23 * 13) / 100 = 2.99
• Expected for " Neutral " and "Highly Satisfied" cell: (31 * 22) / 100 = 6.82
• Expected for " Neutral " and "Satisfied" cell: (31 * 22) / 100 = 6.82
• Expected for " Neutral " and "Neutral " cell: (31 * 18) / 100 = 5.58
• Expected for " Neutral " and "Dissatisfied" cell: (31 * 25) / 100 = 7.75
• Expected for " Neutral " and "Highly dissatisfied" cell: (31 * 13) / 100 = 4.03
• Expected for " Dissatisfied " and "Highly Satisfied" cell: (20 * 22) / 100 = 4.40
• Expected for " Dissatisfied " and "Satisfied" cell: (20 * 22) / 100 = 4.40
• Expected for " Dissatisfied " and "Neutral " cell: (20 * 18) / 100 = 3.60
• Expected for " Dissatisfied " and "Dissatisfied" cell: (20 * 25) / 100 = 5.00
• Expected for " Dissatisfied " and "Highly dissatisfied" cell: (20 * 13) / 100 =
2.60
• Expected for " Highly Dissatisfied " and "Highly Satisfied" cell: (9* 22) / 100 =
1.98
• Expected for " Highly Dissatisfied " and "Satisfied" cell: (9 * 22) / 100 = 1.98
• Expected for " Highly Dissatisfied " and "Neutral " cell: (9 * 18) / 100 = 1.62
• Expected for " Highly Dissatisfied " and "Dissatisfied" cell: (9 * 25) / 100 =
2.25
• Expected for " Highly Dissatisfied " and "Highly dissatisfied" cell: (9 * 13) /
100 = 1.17

85
Calculation
O E (O-E) (O-E)2 (O-E)2/E
4 3.74 0.26 0.0676 0.01
4 3.74 0.26 0.0676 0.01
3 3.06 -0.06 0.0036 0.001
4 4.25 -0.25 0.0625 0.01
2 2.21 -0.21 0.0441 0.02
5 5.06 -0.06 0.0036 0
5 5.06 -0.06 0.0036 0
4 4.14 -0.14 0.0196 0.004
6 5.75 0.25 0.0625 0.02
3 2.99 0.01 0.0001 0
7 6.82 0.18 0.0324 0.004
7 6.82 0.18 0.0324 0.004
5 5.58 -0.58 0.3364 0.06
8 7.75 0.25 0.0625 0.008
4 4.83 -0.83 0.6889 0.14
4 4.40 -0.4 0.16 0.03
4 4.40 -0.4 0.16 0.03
4 3.60 0.4 0.16 0.04
5 5.00 0 0 0
3 2.60 0.4 0.16 0.06
2 1.98 0.02 0.0004 0
2 1.98 0.02 0.0004 0
2 1.62 0.38 0.1444 0.08
2 2.25 -0.25 0.0625 0.2
1 1.17 -0.17 0.0289 0.02
Calculated 0.751
Value

86
Calculated Value = 0.751
Degree of freedom = (No.of. Rows-1) *(No.of. Columns-1)
= (5-1) * (5-1)
= 4*4 = 16
Level of Significance = 5% i.e., 0.05
Table Value or Critical Value = 26.296 (by Chi-Square Statistical Table)
Here the calculated value is smaller than the table value (CV > TV i.e 0.751 >
26.296). As the calculated value is smaller than the total value, Alternate
hypothesis is rejected and Null hypothesis is accepted. hence there is a no
significant relationship between the quality of customer service and overall
customer satisfaction at ICICI bank.

87
CHAPTER 5
SUMMARY OF FINDINGS,
RECOMMENDATIONS AND CONCLUSION

88
5.1. SUMMARY OF FINDINGS

¬ In total of 100 Respondents, the survey results suggest that most respondents
are male, followed by female respondents, with a small number of
respondents opting not to reveal their gender. This shows that mostly male
respondents actively participated in this Survey.
¬ In total of 100 Respondents, most of the respondents, approximately 39%,
fall into the age category "Between 21 yrs. to 25 yrs.," making it the largest
age group. 34% belongs to age Category of 26-30 years, 13% belongs to 15-
20 years age group and 14% belongs to Above 31 years age category.
¬ In total of 100 Respondents, the two largest marital status categories among
the respondents are "Single" and "Married," each comprising 36% of the
total respondents, whereas 19% respondents are “Separated”, 4% are
“Divorced” and 5% are Widow.
¬ In total of 100 Respondents, most of the respondents are Employed i.e., 64%
including part time and full-time employees. 17% are Self-Employed, 8%
are Unemployed, and 11% are Students.
¬ From the above table, majority of the customers are using ICICI bank for
almost 1 year, whereas 25 customers are using it from almost 3 years, 22
customers are using it from almost 5 years and at last 23 customers are using
ICICI bank for more than 5 years
¬ Majority of the customers are using ICICI for the Savings and Current
Accounts whereas very less customers are using Investment and Wealth
Management services by ICICI.
¬ In total of 100 Respondents, only 37% respondents are highly satisfied with
the services they are receiving whereas 38% people are dissatisfied about
the services offered by Canara Bank.
¬ The table provides the data which highlights that there is a mix of sources
that influence banking decisions, with recommendations from friends or
family being the most used source, followed by in-person visits to bank
branches, consultation with financial advisors, and online research. These
findings suggest that personal relationships and professional advice are
highly valued in the context of banking product/service decision-making.

89
¬ The data indicates that there is a variety of preferred banking channels

among respondents for day-to-day banking activities at ICICI Bank. ATMs
and internet banking are the two most preferred channels, closely followed
by the mobile app and bank branches. Phone banking is the least preferred
option among the listed channels.
¬ From the above table, 40% respondents are Satisfied about the quality of
services rendered by ICICI Bank whereas 29% respondents are not satisfied
with the quality of services and 31% respondents have mixed opinion
regarding the quality.
¬ This data highlights that customer service has a varying degree of influence
on the loyalty of ICICI Bank customers. While most respondents indicated
that it has influenced their loyalty in some way, there is still a significant
portion for whom customer service does not significantly impact their
loyalty to the bank.
¬ The data indicates that perceptions of ICICI Bank's fees, charges, and
interest rates are mixed among respondents. While a substantial portion
finds them reasonable, there is also a significant group that considers them
high or very high.
¬ The data shows that respondents have various expectations from digital
banking services, with customer service and security features being the top
priorities for improvement, followed by data analytics, e-commerce
transactions, and mobile banking services.
¬ The data highlights that most respondents acknowledge the importance of
their financial goals and life stage in influencing their choice of banking
products. However, there is also a significant portion for whom these factors
have either a lesser or minimal impact on their decision-making.
¬ The data indicates a somewhat mixed level of satisfaction among
respondents when it comes to using ICICI Bank's ATM services. While there
are both satisfied and highly satisfied customers, there are also dissatisfied
and highly dissatisfied customers. Improving the aspects that lead to
dissatisfaction, such as availability, functionality, and security, could help
enhance overall customer satisfaction with the ATM services.

90
¬ The data indicates that marketing and promotional campaigns have varying
degrees of influence on customers' banking decisions. While a significant
portion of respondents are highly or moderately influenced by such
campaigns, there is also a notable group that remains unaffected by
marketing efforts when making their banking choices.
¬ The data indicates a somewhat mixed level of satisfaction among
respondents regarding ICICI Bank's services. While there are both satisfied
and highly satisfied customers, there is also a substantial proportion of
dissatisfied and highly dissatisfied customers.
5.2. RECOMMENDATIONS
¬ Targeted Marketing Campaigns: Since marketing and promotional
campaigns have a significant influence on customers' banking decisions,
ICICI Bank should continue to invest in targeted marketing strategies. These
campaigns should emphasize the bank's strengths, such as its product
offerings, customer service, and competitive pricing, to attract and retain
customers.
¬ Customer Service Improvement: While most respondents are satisfied with
ICICI Bank's services, there is a notable proportion of dissatisfied
customers. To improve overall customer satisfaction, the bank should focus
on enhancing its customer service, addressing any specific concerns raised
by dissatisfied customers, and ensuring that customers' needs are met
promptly and effectively.
¬ Diversify Product Offerings: ICICI Bank can consider expanding its product
offerings to cater to a wider range of customer needs. This could include
introducing new savings and investment products, enhancing wealth
management services, and providing innovative digital banking solutions to
attract customers of all age groups and financial goals.
¬ Fee Transparency: Given the mixed perceptions of fees, charges, and
interest rates, ICICI Bank should work on improving fee transparency. Clear
communication of fees and charges associated with its services can help
manage customer expectations and reduce the perception of high fees.

91
¬ Digital Banking Enhancements: As a significant portion of customers prefer

digital banking channels, ICICI Bank should continue to invest in digital
banking enhancements. This includes improving mobile app features,
ensuring robust security measures, and providing seamless online banking
experiences to meet the evolving needs of tech-savvy customers.
¬ Customer Loyalty Programs: To boost customer loyalty further, ICICI Bank
can introduce or enhance customer loyalty programs that offer benefits,
rewards, and personalized offers based on individual financial goals and life
stages.
¬ Education and Financial Planning: Given that some customers do not
consider their financial goals and life stage as significant factors in their
banking decisions, the bank can offer financial education and planning
services. This can help customers make informed decisions and align their
banking choices with their financial objectives.
¬ ATM Service Improvements: Address the concerns raised by customers
regarding ATM services. This could involve increasing the availability of
ATMs, ensuring they are functional and secure, and enhancing the overall
ATM user experience.
¬ Regular Feedback Collection: ICICI Bank should continue to actively seek
feedback from its customers through surveys, focus groups, and other
means. This will help the bank stay attuned to customer preferences and
areas for improvement.
¬ Competitive Pricing: To address the perceptions of high fees and charges,
ICICI Bank should regularly review its pricing structures and ensure they
remain competitive in the market. Offering attractive interest rates and fee
structures can help retain and attract customers.
¬ Consistency in Service: Ensure consistency in the quality of customer
service across all touchpoints, including in-person, online, and over the
phone. Customers should have a consistent and positive experience
regardless of how they interact with the bank.
¬ Address Customer Concerns: Pay close attention to the concerns raised by
dissatisfied customers. Use this feedback constructively to identify and
resolve specific issues, whether they relate to response times, problem
resolution, or communication.

92
¬ Recognition and Rewards: Implement recognition and rewards programs for

customer service representatives who consistently provide exceptional
service. Encourage and motivate employees to go above and beyond in
assisting customers.
¬ Communication: Enhance communication with customers by keeping them
informed about changes, updates, and improvements in services.
Transparency can contribute to improved customer satisfaction.
¬ Continuous Improvement: Establish a culture of continuous improvement
within the organization. Encourage employees at all levels to contribute
ideas for enhancing customer service, and regularly review and adapt
strategies based on customer feedback and changing industry dynamics.
¬ ICICI Bank should focus on a customer-centric approach, continually assess
customer needs and preferences, and make necessary adjustments to
enhance the overall customer experience. This approach will contribute to
customer retention and attract new customers in a highly competitive
banking industry.
5.3. CONCLUSION
ICICI Bank Limited is a prominent Indian multinational bank and financial services
company headquartered in Mumbai. It has a rich history, starting as a government
development finance institution in 1955 and evolving into a diversified financial
services group with a wide range of banking products and services. The bank has a
strong presence in India with thousands of branches and ATMs, and it operates in
several other countries as well.
ICICI Bank's vision is to be a leading provider of financial services in India and a

major global bank, while its mission is focused on leveraging its resources to be the
bankers of first choice, expand globally, maintain a healthy financial profile, uphold
high standards of governance and ethics, and create value for stakeholders.
ICICI Bank's journey from a development finance institution to a modern,

customer-centric bank reflects its commitment to adapting and evolving in a

93
dynamic financial landscape. It continues to play a significant role in India's

banking sector and aims to maintain its position as a leading financial institution.
In the competitive banking industry, ICICI Bank will need to remain agile,
customer-focused, and adaptable to address challenges and capitalize on
opportunities. By doing so, it can continue to thrive and provide valuable financial
services to its customers and stakeholders.
In conclusion, Canara Bank has a significant customer base that is aware of its
services and utilizes them to varying degrees. However, there are challenges in
maintaining consistent customer satisfaction levels, particularly in the areas of
customer service and digital banking.
The results of the chi-square test for the relationship between the quality of
customer service and overall customer satisfaction at Canara Bank do not support
the alternate hypothesis (H1), which suggested a significant positive relationship
between these two variables. Instead, the null hypothesis (H0), stating that there is
no significant relationship between the quality of customer service and overall
customer satisfaction, is accepted.

94
BIBLIOGRAPHY
ARTICLES
¬ Alagarsamy, K. and Wilson, S. (2013). A Study on Consumer Behaviour

towards Banking Services with special reference to Public Sector Banks in
Sivagangai Dist. Asia Pacific Journal of Marketing and Management
Review, 2(2), 183-196.
¬ Devi, N.Y., Sebastina, J.N. and Kanchana, V.S. (2011). A Study on
Consumer Awareness, Opinion, Reasons for opting Mobile Banking.
International Journal of Multidisciplinary Research, 1(7), 218-233.
¬ Trivedi, M.H. and Patel, V.B. (2013).

o Problems faced by Customers while using EBanking facilities in
India. International Journal of Scientific Research, 2(3), 121123.
JOURNALS
¬ Kaur, N. and Kiran, R. (2015). E-Banking Service Quality and Customer

Loyalty: Changing Dynamics of Public, Private and Foreign Bank
Consumers in India. Global Business and Management Research: An
International Journal, 7(1), 74-92
¬ Sehrawat, M. and Giri, A.K. (2016). Financial development and poverty

reduction in India: an empirical investigation. International Journal of
Social Economics, 43(2), 106 – 122.
¬ Vennila, A. (2014). Problems faced by the Customers with reference to E-

Banking services in Private Sector Banks. International Journal of World
Research,
¬ Ramchandra, S.V. (2012). A Study of Consumer Protection Act related to

Banking Sector. Asia Pacific Journal of Marketing and Management
Review, 1(4), 78-84.

95
REFERENCES
o www.icici.com
o www.competitiveprogileicici.com
o www.swotanalysis.com
o www.icicilogo.com
o www.chatai.com
o https://www.slideshare.net/AnilBeniwal4/overview-of-banking-sector-
growth-and-structure
o Source: - https://1000logos.net/bankofamerica-logo/
o Source: - https://logos-download.com/10528-icici-bank-logo-
download.html
o Source: - https://logos-download.com/8535-mufg-mitsubishi-ufj-financial-
o Source: - https://logos-download.com/8535-mufg-mitsubishi-ufj-financial-
o Source: - https://www.slideshare.net/rohannegi/icician-hr-perspective
o https://icicifoundation.org/icici-foundation-declared-winner-at-indian-
chamber-of-commerce-social-impact-awards/
o https://icicifoundation.org/igbc-green-champion-award/

96
ANNEXURE
Name: - ______________
Gender:
a. Male
b. Female
c. Prefer not to say
Age:
a. 15-20 years
b. 21-25 years
c. 26-30 years
d. 31-35 years
e. 36 and above
Marital Status
• Single
• Married
• Separated
• Divorced
• Widow
Designation
• Employed full-time
• Employed part-time
• Self-employed
• Unemployed
• Student

97
1. How long have you been a customer of ICICI Bank?

a. Less than 1 year
b. 1-3 years
c. 3-5 years
d. More than 5 years
2. Which of the following ICICI Bank products or services do you currently

use?
a. Savings Account
b. Current Account
c. Fixed Deposits
d. Loans
e. Credit Cards
f. Investment and Wealth Management Services
g. Insurance
h. Mobile Banking
i. Internet Banking
3. What are the key factors influencing consumers' choice of banking services
at ICICI Bank?
a. Reputation and brand trust
b. Interest rates
c. Convenience of branch locations
d. Online banking services
e. Customer service
f. Recommendations from friends or family
g. Promotions or offers

98
4. How do you typically research and gather information about banking

products or services before deciding?
a. Online research (websites, reviews, forums)
b. In-person visits to bank branches
c. Recommendations from friends or family
d. Consultation with financial advisors
5. Which banking channels do you prefer for your day-to-day banking

activities at ICICI Bank?
a. Mobile App
b. Internet Banking
c. ATMs
d. Bank Branches
e. Phone Banking
6. How satisfied are you with the customer service quality and
responsiveness at ICICI Bank?
a. Highly satisfied
b. Satisfied
c. Neutral
d. Dissatisfied
e. Highly dissatisfied
7. Has the quality of customer service you have received at ICICI Bank
influenced your loyalty and decision to continue using their services?
a. Yes, significantly
b. Yes, to some extent
c. No, it has not influenced my loyalty.

99
8. How do you perceive the fees, charges, and interest rates associated with
ICICI Bank's services?
a. Very reasonable
b. Reasonable
c. Neutral
d. High
e. Very high
9. What improvements or additional features do customers expect from

digital banking services?
a. 24/7 customer service
b. Enhanced Security features
c. Data analytics
d. E-commerce transactions
e. Mobile Banking
10. How do your financial goals and life stage affect your choice of banking
products at ICICI Bank?
a. They have a significant impact.
b. They have some impact.
c. They have minimal impact.
11. How satisfied are customers with Canara Bank's ATM services in terms of
availability, functionality, and security?
• Highly dissatisfied
• Dissatisfied
• Neutral
• Satisfied
• Highly satisfied

100
12. To what extent are you influenced by ICICI Bank's marketing and
promotional campaigns when making banking decisions?
• Highly influenced
• Moderately influenced
• Not influenced
13. How satisfied are you with the products and services offered by ICICI
BANK...?
a. Highly satisfied
b. Satisfied
c. Neutral
d. Dissatisfied
e. Highly dissatisfied

101

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A STUDY ON CUSTOMER BUYING BEHAVIOUR AT ICICI

BANK PVT LTD

Dissertation Report submitted in partial fulfilment of the requirements

MASTER OF BUSINESS ADMINISTRATION

Under the guidance of

Dr. VIJAYAKUMAR THOTA

Certificate of Completion & Originality

Da~: Da~: Date:

This is to certify that Ms. Ranjini KL is a bonafide student of NSB

We certify that this is the original work undertaken by the above

Designation: o"°'"~l Nl..o-.~'l V

Regd. Office : ICICI Bank Tower, Near Chakli Circle.

I hereby declare that “A Study on Customer Buying Behaviour at ICICI BANK

PLACE: BANGALORE NAME: RANJINI K L

DATE: REGISTER NUMBER: P03HB21M0226

I pay my obeisance to GOD, to have bestowed upon me good health, courage,

PLACE: BANGALORE NAME: RANJINI K L

DATE: REGISTER NUMBER: P03HB21M0226

CHAPTER NO. PARTICULARS PAGE NO.

2.3 Organizational Hierarchy of the Company

2.3.1 Executive Directors

2.3.2 Board of Directors

2.3.3 Board Committees

2.4 Product and Service Profile

2.5 Competitor Profile and Analysis

2.6 Milestones/ Achievements

2.7 Current Challenges

2.8 ICICI Group of Companies

RESEARCH DESIGN AND METHODOLOGY

TABLE NO. DESCRIPTION/PARTICULARS PAGE NO.

4.1.7 Factors influencing Consumers choice of Banking 72

4.1.10 Satisfaction Levels of Customers on the customer 75

TABLE NO. DESCRIPTION/PARTICULARS PAGE NO.

4.1.7 Info about Banking Products or Services before 73

4.1.8 Banking Channels that you prefer for day-to-day 74

4.1.9 Satisfaction Levels of Customers on the customer 75

NSB ACADEMY, BANGALORE 1

1.1. Theoretical background of the study:

Motivations and Needs: Understanding the underlying motivations and financial

Information Sources: Examining the sources and channels through which

Perceived Value: Investigating how customers perceive the value proposition

Digital Banking Adoption: Analysing the extent to which digital banking

Customer Service Experience: Assessing the importance of quality customer

Competitive Landscape: Considering how ICICI Bank compares to other banks

NSB ACADEMY, BANGALORE 2

Some key theoretical foundations we could consider:

• Consumer Decision-Making Model

• Service Quality Theories

SERVQUAL Model: This model assesses service quality based on five

• Customer Relationship Management (CRM)

CRM theories emphasize the importance of building and maintaining long-term

• Trust and Reputation Theories

• Psychological and Behavioural Economics Theories

NSB ACADEMY, BANGALORE 3

1.1.1 Operational Definitions of the Study

ICICI Bank: ICICI Bank specifically refers to the financial institution

Buying Frequency: Buying frequency will be quantified as the number of

Product Selection: Product selection will be operationalized as the choice of

Customer Satisfaction: In this study, customer satisfaction refers to the degree of

NSB ACADEMY, BANGALORE 4